Are You Exempt from ObamaCare?
Customers have been asking us for more information about ObamaCare (or the Affordable Care Act) since it was introduced a few years ago. Many of our customers in Indiana and Kentucky have been asking us who is exempt from Obamacare. Do you know?
This post explores whether or not opting out of ObamaCare is an option for Americans. We’ll also explore specific situations that may qualify you for an exemption. Surprisingly, there are a number of different situations that may allow you to opt out.
Can I Opt Out of ObamaCare?
Possibly. There is a list of exceptions, but for most of them you have to submit documentation and get a number back from the government. Receiving this verification code from the government confirms whether or not that you have been approved for a specific exception.
Who is Exempt from ObamaCare?
There are several possible exemptions, but the most common is income. If your income is below 140% of the poverty level, you are exempted from having to purchase insurance. Because Indiana did not raise its Medicaid requirement to that level, there is a slight gap. However, there is currently a hardship exclusion available for those individuals who do not have coverage and are under that 140% poverty level.
Utility and service shutoff notices also qualify as an exclusion. Documentation of the shutoff is required for the exemption. For example, you might produce a letter from Vectren or Indiana American Water to prove the shutoff has occurred.
In addition, if an immediate family member (such as a parent) has passed away, that is also an exclusion. Be prepared to prove your loss to the government. A qualified tax accountant and possibly an estate lawyer may need to be consulted to receive this exemption.
Several other exclusions are out there. To learn about additional exemptions, click here to download our free guide to ObamaCare exemptions.
Individuals who do not fit into one of the exclusions become subject to the shared responsibility payment.
Contact the ObamaCare Experts in Southern Indiana
Baker Wealth Management has been serving the greater Evansville area for nearly thirty years. Our team is prepared to answer all of your questions regarding ObamaCare and your finances. If you’re looking for an exemption to the Affordable Care Act, the sooner you talk to a CPA the better your chances are for receiving an exemption. Navigating ObamaCare can be tricky, so give us a call today. Contact us today at 1-866-244-3517.Talk to a CPA for Free