Who are the individuals Exempt from Paying the Health Insurance Tax Penalty for Not being insured Any individual who falls within one of the scenarios listed below will not have to pay the Health Insurance Tax penalty, if they do not have a health insurance plan with the “essential benefits” •If you are an individual who cannot afford coverage. The term unaffordable relates to a person whose contribution toward minimum essential coverage would be greater than 8% of their annual household income. The monthly contributions are calculated at 1/12 the annual household income. This is used to determine if the individual exceed the 8%. •If you are an individual taxpayers with income below the tax filing threshold •Individuals who qualify for a hardship exemption. This exemption is available to individuals who are not eligible for Medicaid because their state chose not to participate in Medicaid expansion. Or individuals who have another hardship that prevents them from being able to afford coverage. •If you are an individuals who have experience a gap in minimum essential coverage of less than 3 consecutive months within one calendar year •Members of religious groups that object to coverage on religious principles •Members of non-profit religious organizations where members share medical costs. Often referred as Health care sharing ministries. •Prison inmates •Non U.S. citizens •Native American tribe members
Posted on: Sat, 22 Jun 2013 20:34:23 +0000
Trending Topics
Recently Viewed Topics
© 2015