McVay Business Services - Accounting & Tax Services Pensacola, FL
If you’re uninsured, you’re probably wondering who is exempt from the Obamacare “individual mandate,” and if there’s a way you can qualify before being fined.
But not everyone who wants to “opt out” of coverage can. There are very specific circumstances that qualify you for an exemption.
Qualifying and applying for an exemptionYou could qualify for an exemption from the individual mandate to have health coverage if:
Enter your ZIP code to see plans and prices. All plans qualify for discounted prices under the Affordable Care Act.
Call Mike to find out if you qualify for a penalty exemption.
Applying for an exemption does take some effort. The necessary application form depends on the exemption you are hoping to qualify under.
Some exemptions, like being unaffordable, can be claimed when you file your taxes. Others, like being a member of a religion that objects to insurance, require you to fill out an application form. These forms and related instructions can be found on the Healthcare.govwebsite, or through helpful online tools like the Turbo Tax Exemption Check.
Look here for more information on how Obamacare will affect your taxes.
If your gap in coverage does not exceed three months, if you are not in the U.S. lawfully, or if your income is low enough that you are not required to file an income tax return, you do not have to apply for or claim your exemption.
Qualifying and applying for a hardship exemptionFinancial problems can make it difficult to pay the bills, let alone take on new expenses like health insurance. A hardship exemption is tied to an event or obstacle that may have made the health insurance requirement particularly difficult.
You may qualify for a hardship exemption if:
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
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