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Affortable care act minimum essential coverage

Affortable care act minimum essential coverage

 

 

Affordable Care Act—New for 2014

 

Shared Responsibility Payment

Starting in 2014, every individual and each member of his family must have qualifying health insurance

(called minimum essential coverage) or make a shared responsibility payment when filing his federalincome tax return. Exception: Individuals with a coverage exemption are not required to make the payment.

Minimum essential coverage. Generally, individuals who have employer-sponsored coverage, coverage obtained through a Health Insurance Marketplace (Marketplace) or coverage through most government sponsored programs (as well as certain other plans) have minimum essential coverage (MEC) if they maintain the coverage for each month of the calendar year.

Coverage exemptions. The following individuals are exempt from the requirement to make a shared responsibility payment if they fail to maintain MEC:

• Individuals for whom coverage was unaffordable (generally, cost more than 8% of household (income).

• Individuals suffering a hardship.

• Individuals whose income is below the threshold for filing an income tax return.

• Individuals who are uninsured for less than three consecutive months of the year.

• Members of certain religious sects.

• Members of a federally-recognized Indian tribe.

• Members of a health care sharing ministry.

 2014 Thomson Reuters

 

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