Obama Care imposes a Individual Mandate – Tax Penalty of 2.5% of income (calculate it) on just about ALL legal residents, if you don’t Purchase Health Insurance. Your coverage must include the 10 Essential Minimum Benefits and meet the definition of Minimum Essential Coverage (MEC), unless you qualify for an exemption, (§5000 A). Just check off on line 61 of your 1040 that you complied. You will also get a 1095 from your Insurance Company.
You might also talk to your Employer about providing Coverage. Tell him he can get a FREE Quote and it’s tax deductible for him and tax free to you §106 IRC.
Complementary quotes for compliant guaranteed issue plans
Resources & Links
New York Times 10.26.2016 Millions take the penalty
Los Angeles Times 1.10.2015 Explanation ♦ Health Net Brochure ♦ MH 2.17.2015 H & R Block says 4M could face penalties – Democrats want an additional Special Enrollment to avoid penalties for 2016 ♦ CA Health Line 1.29.2015 6 M households could face penalties
More Detailed (Child) Pages on Individual & Employer Mandate
- Tax Penalty 2.5% of Income Calculation Mandate
- Who is mandated to get Health Insurance?
7.5 million paid an average of $200 in penalties for not having coverage in 2014 per Kaiser Health News 7.22.2015
White House.Gov Affordable Health Care Act YouTube Channel