As the Affordable Care Act continues to stir confusion, it is imperative that you receive the peace of mind knowing you have complied with all rules and requirements. One major aspect of the ACA is the individual mandate. This mandate states that an individual will be charged for each month that they do not obtain the required health insurance. We understand this can be a daunting subject, and that is why we have gathered some must-know information about the individual mandate:
- You must enroll in the minimum required health coverage in order to avoid fines.
- The fee that you are charged is calculated by determining the number of months you are without coverage.
- If purchasing a “silver plan” on the individual market would cost more than 8% of your family’s income, you will be excused from the mandate.
- You will be exempt from the fee for three months if there is a coverage gap of 3 consecutive months.