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"NEWS NOTES"

From the office of Angle, Zaebst & Associates
Are individuals now required to purchase health insurance?
The answer is no, for now.  However beginning in 2014, the health care reform package imposes a penalty on individuals for each month they fail to have health insurance coverage for themselves and their dependents.

The health care reform package expressly excludes certain individuals from the penalty. These include:
  • Individuals whose household income is below the income threshold for filing a federal income tax return
  • Individuals who are exempt for religious reasons
  • Individuals who have employer-provided health coverage
  • Hardship cases
  • Native Americans
  • Undocumented aliens ("We did not make this up" -  AZA)
  • Incarcerated individuals
  • Individuals with short lapses in their coverage
  • Individuals covered by Medicare, Medicaid and other government programs
  • Certain individuals outside the U.S. 
 
For the full article, please click on the Quick Link entitled Newsletter where you will be directed to the Newsletter page of our website. Then click on the article entitled  "FAQ: Are individuals now required to purchase health insurance?"
Each entity or person's situation is unique and should be analyzed based upon all of the laws and regulations that exist at the time of a decision. Although we try to send current and accurate information, laws change and can be complex. The information presented in this e-mail should not be construed as legal, tax or accounting advice. You should consult with Angle, Zaebst, & Associates CPA's or other professionals familiar with your particular factual situation for advice concerning specific tax or other matters before making any decision.