You and each dependent on your return need to have minimum essential health insurance coverage. If you or any of your dependents do not have health insurance and do not qualify for an exemption, you will be required to make a ‘Shared Responsibility Payment’ for each uninsured individual on your return when you file your 2014 federal income tax return. To qualify for an exemption, one of the following must be met:
- The amount you would have paid for health insurance is more than 8% of your household income
- You went without health insurance for 3 or less consecutive months in 2014
- Your household income is below the minimum threshold for filing a tax return
- You are a member of an Indian Tribe
- Other qualifying exemptions
Minimum essential coverage includes the following insurance plans:
- Government sponsored programs; including Medicare, Medicaid, MNsure and Minnesota Care
- Eligible employer-sponsored plans
- Plans in the Individual Market
- Grandfathered health plans
- Other qualifying plans
Look for a Form 1095-A, 1095-B or 1095-C to be mailed the beginning of 2015. This form reports your health insurance coverage.
Contact us with any questions regarding the Affordable Care Act and how it impacts you.