The ACA Times


  Show menu
  • Home
  • Articles
  • Get to Know the ACA
  • ACA – Frequently Asked Questions
  • Resources
  • Meet the Editors
  • Trusaic
  • Contact Us
  • Legal
  
  • Home
  • Affordable Care Act
  • Is Individual Shared Responsibility Your Responsibility?

Articles

Is Individual Shared Responsibility Your Responsibility?

April 12, 2016 Robert Sheen Affordable Care Act, Health Care Coverage, Regulations
Is Individual Shared Responsibility Your Responsibility?

Since the implementation of the Affordable Care Act, the goal in mind is to ensure that every American has received or has been given access to adequate health coverage. While many consider this a blessing, others do not welcome the required health coverage. Under the ACA, those who do not have minimum essential health coverage are subject to fees unless exempt from an individual shared responsibility payment.

If you had minimum essential coverage for 2015, simply check the box indicating so on your 2015 tax return. In 2015, if you did not have minimum essential health coverage for the year or for a period(s) throughout the year, you must make an individual shared responsibility payment for yourself and your dependents. The premium cost of bronze-level insurance averages about $2,484 a year for an individual and $12,240 for a family of five-plus members. The individual shared responsibility payment for 2015, then, would be $325 per adult and $162.50 per child, not to exceed $975. The amount has been determined by the percentage deducted from the minimum amount one must make in 2015 in order to file a tax return. For gaps in coverage, a short-term gap exemption is determined upon the length of time without coverage. Consult the IRS website to determine the payment you must make minus the months of coverage.

Please note that health insurance offered through your employer typically qualifies as minimum essential coverage, as well as many other health insurance plans such as those offered in the Marketplace. Government-secured coverage such as Medicare, Medicaid, the Children’s Health Insurance Program, and TRICARE also qualify as minimum essential health coverage. However, a la carte coverage, including vision and dental (purchased individually), are not standalone qualifiers of minimum essential health coverage. Having a clear understanding of qualifying coverage prior to obtaining such coverage and filing your tax return will prevent any unnecessary individual shared responsibility payments.

To learn more about ACA compliance in 2021, click here.


We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.

Short URL of this page: https://acatimes.com/cal
Robert Sheen

Robert Sheen

Robert Sheen, Esq., is editor-in-chief of The ACA Times. He also is founder, president and CEO of Trusaic.

Robert Sheen is Founder and President of Trusaic, Inc. Robert is a graduate of the University of Southern California, in Business Administration with an emphasis in International Finance. He earned his Juris Doctor from Loyola Law School, Los Angeles, concentrating in Tax Law.

View more by Robert Sheen

Related tags to article

Healthcare
Related Articles How to Leverage Your Workforce Data to Meet DEI Goals How to Leverage Your Workforce Data to Meet DEI Goals
Related Articles An Employer’s Guide to Navigating the DEI&A Landscape An Employer’s Guide to Navigating the DEI&A Landscape
Related Articles Governments, Investors, & Litigators Are Focusing More on ESG Governments, Investors, & Litigators Are Focusing More on ESG
Related Articles Uninsured Rate is 9.2%, a Record Low Uninsured Rate is 9.2%, a Record Low by Robert Sheen  •  
Related Articles HHS Awards $685 Million to Improve Patient Care HHS Awards $685 Million to Improve Patient Care by Robert Sheen  •  
Related Articles How Income Affects The Premium Tax Credit How Income Affects The Premium Tax Credit by Robert Sheen  •  
Subscribe

Popular Posts

  • California Individual Mandate Penalties Will be Issued in 2021
  • Biden’s Affordable Care Act Advancements are Underway
  • What Employers Need to Know About the 2020 ACA 1095-C Codes
  • Employers May Face Additional Challenges with 2020 ACA Reporting
  • Five Resources Essential for ACA Compliance in 2021
  • The IRS is Issuing ACA Penalty Letter 226J for 2018
  • Most Frequently Asked ACA Questions for Employers and Individuals

Trending Topics

  • Regulations
    (91)
  • Legislation
    (47)
  • Editorials
    (19)
  • ACA Compliance
    (126)
  • Tax Filings
    (19)
  • Applicable Large Employer (ALE)
    (13)
  • Penalties
    (18)
  • IRS
    (82)
  • Health Insurance Marketplace
    (28)
  • Polls/Surveys
    (18)
  • Health Care Reform
    (22)
  • Reporting
    (22)
  • IRS 226J/226-J
    (28)

Categories


Brought to you by Trusaic

 

 

 

Twitter Facebook

Downloads

The ACA 101 Toolkit

The Essential Guide to the ACA

Letter 226J Infographic

5 Common ACA Compliance Mistakes

Triangle of Trust

Articles

IRS Affordability Safe Harbors Help Avoid ACA Penalties

Calculating FT and FTE Employees

The ACA Monthly Measurement Method: A Few Examples

The IRS’s 1095 Forms for ACA Explained

Incorrect ITINs Will Cause Havoc With ACA Compliance

Knowledge Center

Get to know the ACA

Get to know Letter 226J

Webinar: The Recipe for Successful ACA Compliance

Trusaic News

Our Story

© 2021 Copyright Trusaic - All Rights reserved.

Close Window

Loading, Please Wait!

This may take a second or two. Loading, Please Wait!