The Affordable Care Act requires individuals to have minimum essential health coverage – unless exempt – or make a shared responsibility payment. Individuals with employer-provided coverage, or who obtain coverage through Medicare, Medicaid, TRICARE, the ACA Marketplace, and other government programs, generally will only have to check a box on their return indicating they had minimum essential coverage in 2014.
Individuals without minimum essential coverage in 2014 will need to calculate their payment. Before making that calculation, individuals should explore if they are eligible for an exemption. The Affordable Care Act provides for a number of exemptions, some based on economic hardship and others on personal situations.
Our office can help you navigate the exemptions, see if you qualify for one, and if you do not, how to calculate the shared responsibility payment. Click here to contact our office, or call 315.422.1391.