Penalty
Posted May 1st, 2015 in Producers, Employers, Individuals
There have been several attempts to dismantle the Affordable Care Act (ACA) and none have prevailed up to this point. The House of Representatives voted nearly 40 different times to repeal the law with no avail. The constitutionality of the Individual Mandate was challenged and ultimately upheld by the Supreme Court. Now we are awaiting a decision on whether the federal government can legally provide subsidies to Exchange applicants.
Posted January 23rd, 2015 in Producers, Employers, Individuals
The IRS has released the maximum penalties that are payable by individuals who are without minimum essential coverage in 2015 and who do not qualify for an exemption from the Individual Mandate.
The maximum penalties for this year are the greater of:
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$325 per uninsured adult or $162.50 per uninsured child under age 18. The maximum penalty using this method is capped at $975.
Posted March 22nd, 2013 in Individuals, Employers, Producers
The U.S. Department of Health and Human Services (HHS) and the Internal Revenue Service (IRS) have jointly issued rules that define affordable coverage. Employers and employees still have several questions about how this affects penalty calculations and subsidy eligibility.
The following offers some insight on these key issues:
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