IRS Reminds Individuals of Health Care Choices for 2014: Alabama's # 1 Tax Service keeping you informed

Everyone has important decisions to make concerning health care coverage in 2014. Starting in 2014, you must choose to either have basic health insurance coverage (known as minimum essential coverage) for yourself and everyone in your family for each month or go without health care coverage for some or all of the year.
If you don’t maintain health insurance coverage, you will need to either seek an exemption or make an individual shared responsibility payment for the period that you are not covered with the 2014 income tax return you file in 2015.
If you choose to have health care coverage, qualifying coverage includes:

• health insurance coverage provided by your employer (including COBRA and retiree coverage),
• health insurance coverage you purchase through a Marketplace,
• Medicare, Medicaid or other government-sponsored health coverage including programs for veterans, or
• coverage you buy directly from an insurance company.

If you purchase health insurance coverage through the Marketplace, you may be eligible for financial assistance including the premium tax credit, which will help lower the out-of-pocket cost of your monthly insurance premiums.


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