Updated June 11, 2010
Below the Massachusetts Overall health Care Reform Law, most adults 18 and more than are needed to acquire overall health insurance that meets minimum coverage requirements (known as minimum creditable coverage).
If the state considers you able to afford overall health insurance, but do not obtain it, you will be charged penalties for every single month that you are without well being insurance throughout the tax year. Those who are deemed unable to afford well being insurance coverage are not penalized.
Reporting Well being Insurance coverage Details on Your Tax Return
Residents and certain part-year residents have to file type Schedule HC with their Massachusetts tax return. This type is used to report details relating to well being insurance coverage during the year. If you have private well being insurance you must acquire a Kind MA 1099-HC from your well being insurance carrier that will offer you with details utilized to fill out Low Priced Auto Coverage Schedule HC.
Exactly where Can I Get Reasonably priced Insurance coverage?
If you don’t have insurance coverage, verify out the state’s overall health insurance coverage website, the Commonwealth Health Connector (the Connector). The Connector is an independent state agency that aids Massachusetts residents find well being insurance coverage and keep away from tax penalties. This agency delivers low expense and no price plans that meet the minimum coverage standards and carry the state’s seal of approval for top quality and affordability.
Limits on Penalties
Penalties for lack of insurance coverage are paid with your Massachusetts earnings tax return. Penalty amounts cannot exceed 50% of the minimum month-to-month insurance premium you would have certified for via the Connector. A gap in insurance coverage coverage of 63 days or less is not penalized.
Every year the state establishes affordability requirements that figure out whether or not individuals and families can afford well being insurance. If you can’t afford Low Priced Auto Coverage health insurance coverage by these standards you are not topic to penalties.
Exemption for Religious Beliefs and Low Income
A religious exemption is obtainable for anybody who has a sincere religious belief that is the basis for not getting health insurance coverage. But beware, if you are claiming a religious exemption and you received medical care throughout the tax year (such as an emergency area check out) you may be subject to a penalty if it is determined that you could have afforded overall health insurance coverage. Preventative dental care, vaccines, and physical exams essential by your employer or other third party are not regarded health-related care for purposes of this exemption.
You can also apply for a Certificate of Exemption through the Connector website. This certificate serves as proof that you are exempt from penalties due to the inability to afford the necessary insurance Low Priced Auto Coverage coverage.
Originally posted 2013-10-09 20:08:20.