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Since January 1, 2014, most of us will be required to have health insurance for ourselves and our dependents, or face financial penalties. Below is a quick look at what it could mean for you.Do any of the following apply to you?
You may not be required to have coverage and may not have to pay a tax penalty.
You likely have adequate health care coverage. You will probably not pay a tax penalty. However, you may be able to get help paying for health care coverage.Contact a Professional
The penalty is prorated by the number of months without coverage, though there is no penalty for a single gap in coverage of less than three months in a year. The penalty cannot be greater than the national average premium for Bronze-level coverage in a health insurance exchange.
This information is a high-level summary and for general informational purposes only. The information is not comprehensive and does not constitute legal, tax, compliance or other advice or guidance. See IRS Tax Information on ACA in drop-down menu at top left.