Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on individual shared responsibility payments.
According to Zane Benefits’ website, under the Affordable Care Act (aka ACA or Health Care Reform), all individuals are required to either purchase minimum essential health insurance coverage, qualify for an exemption, or else pay a fee at tax time. This is called the ACA's "individual shared responsibility payment" or "individual mandate".
For 2014, the annual payment amount is the greater of:
- 1% of your household income (minus the tax return filing threshold for your filing status), or
- $95 per adult and $47.50 per child, limited to a family maximum of $285
The payment is capped at the cost of the national average premium for a bronze level health plan available through the Health Insurance Marketplaces in 2014. The annual payment amounts will increase over the first three years.
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com.