What Should I Know About the Health Insurance Mandate?

2014 made the requirements for participating in the Affordable Care Act mandatory. There are a few things you need to know to avoid penalties. Here is a quick Q&A to get you on the right track:

What is the individual mandate?

The Affordable Care Act makes it mandatory for all Americans to have health insurance. Noncompliance will result in a penalty.

Is there a specific type of coverage I need?

There are minimums that everyone must have, which is called “Minimum Essential Coverage.”

What are my insurance options if my employer does not offer it?

You can compare coverage on the healthcare.gov website, or see if your employer has suggested plans.

How much is the penalty if I choose not to purchase insurance?

The penalties differ. In 2014, you will pay $95 at a minimum or an average of one percent of your household income over your filing threshold.

For more information on the individual mandate guidelines in Colorado, contact Pilkington Financial Services.