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Affordable Care Act-Individual Shared Responsibility

Posted on November 5, 2015 at 12:05 AM

By now almost all taxpayers have become aware of the "Individual Shared Responsibility Provision" of the Affordable Care Act (ACA).  For many taxpayers this awareness came when they filed their 2014 tax return this year.  For others, this came a few years before when their tax professionals started stressing the penalities that could be involved if health insurance wasn't purchased and/or it didn't meet the requirements of the new law.  Today I would like to try and help everyone make since of the "Individual Shared Responsibility Provision".

This provision requires that you and all of your family members do one of 3 things:

  1. Have minimum essential coverage, or
  2. Qualify for a health care exemption, or
  3. Make the "Shared Responsibility Payment" with your tax return.

You can determine if you are responsible for the payment by visting the website at" target="_blank">http://

What is "Minimal Essential Coverage"?  

This includes most health coverage provided by employers, coverage purchased through the Health Insurance Marketplace, coverage provided via a government program such as Medicare, Medicaid, programs for Veterans, coverage purchased directly from an insurer, and other coverages recognized by the Department of Health and Human Services as having minimal essential coverage.  You can learn more about Minimal Essential Coverage from the IRS at" target="_blank">http://

Who is Exempt?

You can claim an exemption to the "Shared Responsibility Payment" in a number of ways.  This include, but are not limited to:

  1. A gap in coverage for less than 3 consecutive months
  2. A hardship that prevented you from obtaining coverage
  3. The minimum amount you were to pay for annual premiums is more than 8% of your household income
  4. Your income is below the return filing threshold
  5. Members of certain religious sects

You can see a list of all the exemptions at:" target="_blank">http://

Note that some exemptios can be claimed on your tax return, other granted by the marketplace.

The Payment

You will be required to make a payment for any month you or a dependent does not have "Minimum Essential Coverage" or qualify for an Exemption.  This payment is calculated when you file your tax return and can increase your balance due or decrease any refund you may be eligible for.

With the new laws on health care it is best to see a knowledgeable tax professional to help you navigate the ever changing forms, laws and regulations pertaining to your taxes.  Excel Tax and Consulting Services is ready for you for the upcoming season!  Call or Stop In for more information.

Categories: Federal Taxes, Health Care

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