According to current laws, most individuals must have health insurance. If an individual does not have health insurance, then he or she must pay penalty. However, there are exceptions to this law known as exemptions. Individuals who qualify for an exemption can have the penalty waived.
There are a number of ways that an individual can qualify for the Affordable Care Act Exemption. Here are six of the most common ways.
1. Hardship exemptions are one of the most common ways to qualify for an exemption. Hardships include homelessness, domestic violence, eviction or foreclosure, natural or human disasters, bankruptcy, or the death of a close family member.
2. Individuals who lost their current insurance and believe the Affordable Care Act to be affordable may also qualify for an exemption. Individuals who will spend more than 8.05% of their current household income on coverage may also be eligible for an exemption from the plan.
3. Individuals who are incarcerated are exempt from the health care act.
4. Individuals who are living abroad while studying or working are also exempt from the Affordable Care Act.
5. Members of certain religious denominations who have religious objections the Affordable Care Act are also exempt.
6. Likewise, members of federally recognized Indian tribes or individuals who are covered by an Indian Health Services Provider are also exempt.
Depending upon the circumstances, an exemption may be temporary. This is usually the case if individuals are applying for a hardship exemption. It can be very difficult for taxpayers to determine if they are eligible for exemptions. In addition, finding the necessary forms and completing those forms is time consuming. For this reason, individuals who believe they may be eligible for an exemption should consult a Miami tax preparer or an accounting services in Miami for more information on qualifying for exemptions.