Do I Qualify For A Health Care Exemption?
Do I Qualify For A Health Care Exemption
Do I qualify for a health care exemption? You could qualify for healthcare insurance exemption if you meet certain criteria specified in the Affordable Care Act. Qualifying for an exemption means that you won’t have to make a shared responsibility payment when filing your federal income tax return. Beginning from 2020 tax season, you won’t need to worry about exemptions as there will no penalty for having no health insurance in 2019.
Do I Qualify for a Health Care Exemption?
So, do I qualify for a health care exemption? Yes, you may qualify for exemption from paying the individual mandate for any month in 2018 for which you, your spouse, or your tax dependents didn’t have qualifying health coverage. How you claim your health care coverage exemption depends on the type of exemption you are eligible for. While most exemptions can be claimed when filing your tax return, there are others that must be obtained in advance from the Healthcare marketplace and reported in your tax return.
Health Coverage Exemption 2017
Health Coverage Exemption in 2017 and 2018 Include:
• Income and Affordability: Your income is below a specific threshold, or not enough to afford the lowest-cost coverage available to you.
• Having a coverage gap of less than 3 consecutive months.
• Hardship Exemption: Being unable inability to obtain coverage as a result of a hardship such as homelessness, bankruptcy, Fire, flood or other natural or man-made disaster that caused major damage to your home, facing an eviction or foreclosure, being a victim of domestic violence, death of a close family member, and so on.
• belonging to a religious or ethnic group that has specific exemption from the coverage requirement
What Income Level Is Exempt From Obamacare?
What income level is exempt from Obamacare? For the income criteria, your income must be below the tax filing threshold of less than $12,000 for individuals; and less than $24,000 for married couples. Earning below the tax filing threshold means that you aren’t required to file a tax return and this automatically qualifies you for healthcare coverage exemption.
Healthcare coverage is considered unaffordable if the most inexpensive coverage available to you, costs more than 8.16% of your household income.
Health Care Exemption Form 8965
The health care exemption form 8965 should be filled if you’re claiming coverage exemption granted by your Marketplace provider; or you’re filing for coverage exemption based on some of the eligible criteria. You may need to fill one or more parts of the exemption form 8965, depending on your situation. However, you are not required to file Form 8965, if your household or gross income is below your filing threshold.
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