Affordable Care ActProduction Employee Information
White House Video
Take a look at this video released by the White House to better understand the ACA.
Note: This information is subject to change as determined by the government. For assistance and updates, please contact firstname.lastname@example.org.
The Patient Protection Affordable Care Act (“ACA”) requires nearly everyone legally residing in the United States to have health insurance that meets minimum standards. With some exceptions, people who do not maintain minimum essential coverage (“MEC”) will have to pay an annual penalty starting in 2014. The penalty is the greater of:
- For 2014, $95 per uninsured person or 1 percent of household income over the filing threshold;
- For 2015, $325 per uninsured person or 2 percent of household income over the filing threshold; and
- For 2016 and beyond, $695 per uninsured person or 2.5 percent of household income over the filing threshold.
February 15, 2015 is the deadline to enroll in health coverage through the public marketplaces. Depending on how many hours you work, you may be eligible for your employer’s plan. But if you’re not covered by your employer’s plan, or you have dependents who are not covered, you need to find coverage on your own.
Click here for the IRS Publication 5187 for information on tax year 2014.
You will not have to account for coverage or exemptions or to make any payments until you file your 2014 federal income tax return in 2015. Insurers will be required to provide everyone that they cover each year with information that will help them demonstrate they had coverage beginning with the 2015 tax year.
Details on MEC can be found here.
You may be exempt from the individual mandate penalty under certain circumstances. Click here to learn more about the penalty exemptions.