Do you know if you are you subject to the individual mandate requiring you to purchase health insurance? For the majority of you the answer is yes! Beginning January 1, 2014, all U.S. residents are required to maintain minimum essential coverage unless you qualify for exclusion based on one or more of the following exceptions:
- An individual with a qualifying religious faith exclusion;
- Incarcerated inmates;
- Non-U.S. Citizens, aka undocumented aliens;
- An individual who’s premium contribution exceeds 8 percent of their household income;
- Members of Indian tribes;
- Individuals who meet the hardship level as defined by HHS (Health and Human Services);
- Individual with income below the tax filing threshold
The individual mandate requires individuals to be responsible for insuring themselves and their dependents under minimum essential coverage. Minimal essential coverage includes:
- Government sponsored programs including: Medicare, Medicaid, Children’s Health, TRICARE, Coverage through Veterans Affairs and Health Care for Peace Corps volunteers;
- Employer sponsored plans;
- Individual plans;
- Other coverage designated as minimal essential coverage by HHS and/or the department of the
What type of Penalty will you pay for not complying with the mandate?
Let Moresource help you shop for the health insurance coverage that best suits your needs before you are forced to take a plan that may not fit your wants or needs. Contact the Moresource Benefits Department for a quote today!