On Jan. 30, 2013, the Internal Revenue Service issued two proposed rules relating to the individual coverage mandate. The basics of these rules are provided in the following paragraphs. The penalty for not obtaining minimum essential health coverage will:
• Be phased in over a three-year period, starting at $95 per person, or up to 1 percent of income for 2014
• Be capped at the national average of the annual bronze plan premium
• Be half as much for children, up to a family cap of three times the annual flat dollar amount per year
• Be assessed against an individual for any month in which he or she does not maintain acceptable coverage, beginning in 2014, unless an exemption applies
• Possibly be subtracted from an individual’s tax refund
Exemptions may exist for individuals who: Read More
