Do You Qualify for a Health Insurance Exemption?
by R&I Consultants
Open enrollment on the Health Insurance Marketplace is over for 2014. Did you miss the deadline? If you don’t want to face a tax penalty, you may be able to qualify for an exemption.
According to U.S. News & World Report, here is a list of a few possible reasons for exemption:
• Canceled Coverage. Was your health insurance plan cancelled in the fall of 2013? You may qualify for a hardship exemption and could be able to obtain a catastrophic-coverage plan. This type of plan is for those under the age of 30 who cannot find coverage for less than eight percent of their income.
• Affordability. As mentioned above, you won’t be penalized for remaining uninsured if you couldn’t find a plan that was less than eight percent of your income. Just be sure to claim this on your 2014 tax return in 2015.
• Hardship. Some hardships include homelessness, eviction within the last six months, foreclosure, bankruptcy, unpaid medical expenses within the last two years and more.
• Religious Beliefs. This exemption only applies to denominations that run their own ‘mutual aid’ system of spreading the cost of health care across the community, such as the Amish. Find out more here.
• Medicaid. If you qualify for Medicaid, you can enroll any time, all year. Be sure to do so sooner than later, though. Additionally, same goes with your children that qualify for the Children’s Health Insurance Program (CHIP).
If you need help deciding if you qualify for an exemption before being fined, contact one of our great health insurance consultants at Risk & Insurance in Atlanta today at 404-459-5975.