Opting Out of ObamaCare

Posted by on Jan 22, 2016 in Tax Tips | Comments Off on Opting Out of ObamaCare

Is it Possible to Opt Out?

There are very few options for opting out of ObamaCare. In fact, most individuals must pay a penalty fee at tax time if they do not have health coverage that meets the Affordable Care Act’s requirements. Certain circumstances may allow some individuals to qualify for an exemption.

In the following video, Jeff Baker, CPA serving the Evansville, Indiana area, answers all of your questions relating to opting out of the Affordable Care Act (also known as ObamaCare).

In this post, we’ll look at how the government determines who may qualify for an exemption.

Can I Opt Out of ObamaCare?

The short answer is no. The Affordable Care Act is a federally mandated program; Americans are required to have health coverage that meets the program’s standard guidelines.

However, there are some exceptions related to religious beliefs, financial hardship, and other criteria.

What Exceptions Allow Individuals to Opt Out?

Native American tribe members have some flexibility for opting out. In addition, citizens who choose to become a part of a health cost sharing ministry can do so instead of participating in ObamaCare. American citizens living abroad, members of certain religions, incarcerated individuals, and those who cannot afford the coverage due to financial hardship are exempted from the financial penalty.

Financial hardship includes several circumstances, most of them extreme. Homelessness, eviction, death of a close family member, filing for bankruptcy, and significant debt related to medical expenses are a few examples of what qualifies as financial hardship. Click here for a more comprehensive list.

Understanding ObamaCare

The Affordable Care Act has led to many changes in the past few years. Sorting out your family’s circumstances and obligations can be complex. That’s why it’s helpful to work with someone who truly understands ObamaCare and how it impacts your taxes.

The tax experts at Baker Retirement & Wealth Management, P.C. have been providing tax advice in the greater Evansville area for nearly thirty years. We will work with you to help you understand ObamaCare and how it affects your taxes. Get started today by calling the Baker team at 1-866-244-3517.

Before you file your taxes for the calendar year 2015, it might be beneficial to speak with an ObamaCare expert. If you live in Newburgh, Chandler, Boonville, Jasper, Evansville, Poseyville, Mt. Vernon, or the surrounding community, feel free to give us a call. We will be happy to meet with you and review your situation.

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