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Basics

Avoid a Tax Penalty

It’s the law. All U.S. citizens and legal residents are required to have health insurance or face a tax penalty. Health insurance can include insurance through your job, coverage you buy on your own, or Medicare.

 

The Penalty

 

If you did not have coverage in 2015, you will be penalized when you file your 2015 tax return in April of 2016:

 

  • Either 2 percent of your yearly household income or $325 per person for the year ($162.50 per child under 18), whichever is greater. The maximum penalty  is $975 per household.

 

 

In 2016, the penalty goes up to:

 

  • $695 per person ($347.50 per child under 18) or 2.5 percent of your yearly household income, whichever is greater.

 

Open Enrollment ended on Jan. 31, 2016 but certain life events may qualify you to enroll or change your health insurance coverage outside of the Open Enrollment Period within 60 days of the event.

 

We can help you:

 

  1. Save on your monthly health insurance costs
  2. Avoid a penalty at the end of the year
  3. Get the peace of mind health insurance provides in the event of an emergency or long-term health issue

 

Individuals in the following situations can get an exemption from the law:

 

  • People who qualify for religious exemptions
  • Undocumented immigrants
  • People who are incarcerated
  • Members of federally-recognized tribes and certain other Native Americans

 

Other exemptions could include:

 

  • The cost of insurance was deemed “unaffordable.” If the lowest cost Bronze-level Marketplace plan available to you in 2015 cost more than 8.05 percent of your household income. Use the tool below to determine if this applies to you.
  • Being homeless
  • Eviction in the past 6 months or were facing eviction or foreclosure
  • Experiencing a fire, flood, or other natural or human-caused disaster that caused substantial damage to your property
  • Filing for bankruptcy in the last 6 months
  • Having medical expenses you couldn’t pay in the last 24 months

 

 

Calculating an Affordability Exemption

 

If the lowest cost Bronze-level Marketplace plan available to you in 2015 cost more than 8.05 percent of your household income, you qualify for a health coverage exemption. This means you wouldn’t have to pay the fee for any months you were uncovered in 2015.

 

IMPORTANT: The only way to know if you qualify for this exemption is to complete your 2015 federal income tax return.

 

 

Find Your Lowest Cost Bronze-Level Plan

If you believe any of the above exemptions or circumstances applies to you, you can find the appropriate forms and more information here.

 

 

How to confirm your coverage

 

In January 2016, we will send you a Form 1095-A with more information on how to confirm your coverage and/or the amount of advance premium tax credit you received to help pay for your premiums in 2015. Learn more.

 

 

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