888-765-5400How Can I get an Exemption from Tax Penalties?
As most Americans know, under the Affordable Care Act you are now required by law to carry qualifying health coverage or pay a tax penalty. This penalty is sometimes referred to as the “individual shared responsibility payment,” or the “individual mandate.” In some cases, however, you may qualify for what is called a “health coverage exemption.”
First and foremost, if you are covered by any plan that meets the ACA guidelines of minimum essential coverage , you will not have to pay a tax penalty. Take a moment and learn what qualifies as minimum essential coverage under the Affordable Care Act Law. Being properly insured is the safest way to avoid any penalties.
If you did not have ACA approved coverage for all or part of 2014, however, you may still qualify for an exemption from the tax penalty.
Below are some examples of potential exemptions that might apply to you:
- You are uninsured for only 1 or 2 consecutive months of the year.
- The lowest-priced coverage available to you through either an individual or job-based plan would cost more than 8% of your household income.
- You do not file a tax return based on the fact that your income is below the level that requires filing.
- You are a member of a federally recognized tribe.
- You are a member of a recognized health care sharing ministry.
- You are a member of a recognized religious sect with religious objections to insurance, including Social Security and Medicare
- You are incarcerated
- You are not lawfully present in the United States
- You are a United States citizen living abroad
- You qualify for a hardship exemption
You can learn how to apply for any of the above exemptions and find the forms you need by visiting the federal Marketplace.
Once again, the easiest and smartest way to ensure you do not incur a tax penalty is to obtain an ACA approved health plan.
For more information on Blue Cross Blue Shield of North Carolina health insurance coverage, the Marketplace and healthcare gov to apply for your subsidy, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our experienced and professional agents. Let us help you navigate through the Health Care Reform changes in accordance with the new regulations of The Affordable Care Act, also known as Obama care.
All information contained herein is subject to change, from time to time, if the Federal Government or Blue Cross Blue Shield of North Carolina implement any new updates and/or changes that can impact information provided in this blog.