The Supreme Court ruling issued in June of 2012 stated that the federal government could impose a tax on individuals who do not purchase health insurance. Nevada Health Link has been put in place to help Nevadans comply with the new law. There are exemptions from the individual mandate for certain religious groups, Native Americans and for people who face a financial hardship that precludes them from purchasing health insurance. If you are a member of one of the groups spelled out in the ACA, you are exempt from the individual mandate to purchase health insurance. If you don’t fall into one of the exempt classifications, the IRS will enforce a tax penalty of $95 or 1% of your income (whichever is greater) in calendar year 2014. In 2015, the penalty increases to $325 or 2% of your income (whichever is greater). The penalty will increase to $695 or 2.5% of your income (whichever is greater) in calendar year 2016.
Posted in: Individuals