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Tax Oct 2012 - "Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate"

Tax Oct 2012 - "Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate"

Tax Oct 2012 - "Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate"

Excerpt


Penalties for Noncompliance with the Affordable Care Act’s Individual Mandate



In June, the U.S. Supreme Court upheld the constitutionality of Obamacare’s individual mandate by concluding that imposing a penalty for not purchasing health insurance is a valid exercise of Congress’ power to tax. As of Jan. 1, 2014, all Americans will be required to purchase either a private health plan or health insurance through a state exchange if they are not otherwise exempt or covered by their employer. The requirement does not apply to Americans age 65 and older who are covered by Medicare.


 


 



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