Obamacare 2024: Employer Health Coverage Mandate
The Affordable Care Act (ACA), also known as Obamacare, includes a provision that requires most Americans to have health insurance. This requirement is known as the “individual mandate.” The individual mandate does not apply to people who have access to affordable health insurance through their employer.
In 2019, the Trump administration issued a rule that changed the definition of “affordable” health insurance. Under the new rule, employer-sponsored health insurance is considered affordable if the employee’s share of the premium does not exceed 9.83% of their household income.
This change has made it easier for employers to offer health insurance that is not considered affordable under the ACA. As a result, more people may be subject to the individual mandate penalty in 2024.
Who is subject to the individual mandate penalty?
The individual mandate penalty is a tax penalty that is assessed on people who do not have health insurance. The penalty is calculated based on the number of months that the person is uninsured. For 2024, the penalty is $695 per adult and $347.50 per child, up to a maximum of $2,085 per family.
How can I avoid the individual mandate penalty?
There are a number of ways to avoid the individual mandate penalty. One way is to have health insurance through your employer. Another way is to purchase health insurance through the Health Insurance Marketplace. You can also qualify for an exemption from the individual mandate if you have low income, are uninsured for less than three months, or have certain religious objections to health insurance.
What should I do if I am subject to the individual mandate penalty?
If you are subject to the individual mandate penalty, you will need to pay the penalty when you file your taxes. You can pay the penalty online, by mail, or by phone. The penalty is not deductible on your taxes.
Need More Information or Assistance?
If you need more information about the Affordable Care Act or the individual mandate penalty, you can visit healthcare.gov or contact a licensed agent who can assist you in selecting the right health insurance plan for you and your family.
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