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Follow on Google News | Obamacare Imposes Health Care Tax Penalties for Uninsured Americans for 2016P.N.F. Certified Public Accountants & Healthcare Advisors creates a tip sheet to help taxpayers figure out the health care tax penalty guidelines.
By: P.N.F. “There are some exceptions to the rule,” says Pishoy Fahmi, CPA, from P.N.F. Certified Public Accountants & Healthcare Advisors. “Some people may qualify for a health coverage exemption. Those who qualify will not have to pay the penalty.” P.N.F. Certified Public Accountants & Healthcare Advisors has created the following tip sheet to help taxpayers to understand the health care requirements and the tax penalties. Eligible Health Insurance Plans According to Fahmi, not all health plans are considered eligible. In order to be considered eligible, all health plans must cover the following categories: • Lab services • Preventive and wellness services • Ambulatory patient services • Emergency services • Hospitalization • Maternity and newborn care • Prescription drugs • Rehabilitative services and devices • Pediatric care, including vision and dental services • Mental health and substance use disorder services Healthy Penalty Calculations: The health insurance fine for 2016 are calculated the following ways: Income Percentage • 2.5 Percent of household income • Total annual premium for the national average price of a Bronze plan offered in the Marketplace Per Individual ($2,085 Maximum) • $347.50 per child under 18 years • $695 per adult Taxpayers are required to pay whichever amount is higher. Health Coverage Exemptions: The following taxpayers are exempt from the health care tax penalty. • Income below the required amount to file a tax return ($10,300 or less for individuals and $20,600 married couples, it’s. The fine amount changes annually. • An individual can not find affordable insurance. The law defines affordable as a policy that costs no more than 8 percent of your income. • There is a gap in coverage for less than three months • Members of an Indian tribe recognized by the federal government are exempt. • Members of a health care sharing ministry. This is a religious-based group whose members pledge to pay one another's medical bills. • Religious group with faith-based objections to all forms of health insurance -- not just Obamacare • Inmate are exempt or illegal aliens. • Individuals who receive a hardship exemption (natural disaster relief, homelessness or bankruptcy) About P.N.F. Certified Public Accountants & Healthcare Advisors P.N.F. Certified Public Accountants & Healthcare Advisors specializes in accounting, tax, auditing services and business advisory services for companies within the health industry. They service New Jersey, New York and the metropolitan area. For further information on the company’s accounting services, business owners are advised to contact PNF Certified Public Accountants & Healthcare Advisors at: (732) 605-1529 or visit at: http://www.pnfcpa.com. End
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