Individual mandate kicks in 2014
The individual mandate, which goes into effect in January 2014, is an important part of the Affordable Care Act. It requires people who live in the U.S. legally to buy a minimum amount of health insurance coverage, unless they qualify for an individual exemption.
When you file your taxes, you’ll need to show that you have some type of health coverage or can qualify for a credit. It could be an employer’s plan, an exchange plan, a Medicare or Medicaid plan. You can also buy coverage directly from an insurer through the traditional market. If you don’t have coverage, you’ll pay a tax penalty that will get bigger over time.
Why does the law require health coverage?
The individual mandate helps to keep the cost of coverage affordable for everyone. Remember that the law says you can’t be turned down for health insurance just because you have health problems. Without the individual mandate, healthy people wouldn’t have to get insured. So health plans would be left to cover mostly people who need more health care. That means a higher cost of care for a smaller group of people. The result: Premiums would be much too high. The individual mandate aims to have more people covered and more people contributing, whether sick or healthy, and keep premiums under control.
What happens if I can’t afford to buy health coverage?
You might qualify for the government’s free or low-cost health programs. Medicare is for people 65 or older. Medicaid helps people with low-income. State Children’s Health Insurance Program helps children from low-income families.
You’d qualify for a credit or subsidy when buying from an insurance exchange if:
- You’re an individual making $11,490 to $45,960 or a family of four making $23,550 to $94,200
- You don’t get coverage at work or have access to affordable coverage (meaning your plan costs more than 9.5% of your income)
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