Effective January 1, 2014, the Affordable Care Act requires that most U.S. Citizens, subject to some limited exceptions (including grandfathered health plans, Medicare, Medicaid, & health care sharing plans), have health insurance or face a penalty. The penalty is calculated as the greater of a preset applicable dollar amount or a percentage of household adjusted gross income, and is set to increase each year. The individual mandate is scheduled to take effect in spite of a delay in the mandate that most larger businesses provide health insurance to their employees.
To learn more, visit www.irs.gov/aca
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