What’s Up with the Individual Mandate?

With health reform delays and exceptions in the news, you may wonder if the individual mandate is in effect for 2014. It is.

While employer mandates have been delayed, the individual mandate took effect on January 1. That means almost every American is expected to obtain health coverage through Medicare, Medicaid, state insurance programs, their employer, the military or the Affordable Care Act (Obamacare) exchanges. Those with no insurance can be fined by the IRS.

Fines will cost 1% of taxable income in 2014. That number will increase to 2.5% by 2016.

Exemptions from the fines are available for those who:

  • claim financial hardship
  • have religious objections to medical care
  • are native Americans
  • will obtain insurance in the next 90 days
  • are in prison
  • are undocumented immigrants

In order to claim an exemption, individuals must work through the same healthcare exchange that enrolls Obamacare members in their state. The exchanges may require applicants to provide proof that they qualify.

Pilkington Financial Services, in Sterling, CO can help you review whether you qualify for an individual mandate exemption. Our experienced team can also help guide you through selecting an insurance plan for yourself and your family. For more information on Health Colorado and health insurance in general, contact us.