Feb 4, 2015
The Affordable Care Act went into effect 2014, and with it came the federal law that requires all US citizens have health insurance or suffer a penalty. If you did not have health insurance for 2014, and you did not qualify for the exceptions list, you will be fined this year in your 2014 taxes.
How much will I be fined if I did not have health insurance?
This year the fee is $95.00 PER person or 1% of your annual income. We want to stress that this is per person, that means if you have uninsured dependents, you will receive that fee for each of them as well as yourself and any uninsured spouse. Next year that fee is increasing to $325.00 or 2% of the household income.
Who are exempt from this penalty?
You can apply for an exemption from the penalty if:
What if I had coverage through the Affordable Care Act?
If you were covered through Covered California, or other Affordable Care Act plans, you will need IRS Form 1095-A to submit with your tax information to show proof of health coverage. You will also use IRS Form 1095-A to calculate Form 8962 asking for Premium Tax Credit (PTC).
If you received federal financial assistance towards your health insurance premium, it was based off of an estimated annual income. Now that you are filing your taxes, the actual annual income can affect the premium assistance. If you earned LESS than the estimated income you could receive a tax credit. If you earned MORE than the estimated income, you may need to pay some, or all, of your advanced payment back.
Partner Agency Insurance Services, Inc. can provide you with professional expertise in understanding your health care options, guidance in application and eligibility process plus offer you affordable health care coverage through Covered California or directly with medical insurance carriers for Individuals and Families or Employer Group coverage for groups of any size. Please feel free to contact us for a complimentary quote from various companies for almost any kind of insurance at (714) 482-9500.