The “employer mandate” requiring all employers with 50 or more employees to provide healtcare coverage has been postponed until 2015.
The “individual mandate” requiring all citizens and legal residents of the United States to maintain minimum essential health care coverage begins in January of 2014. Individuals who do not maintain this coverage for themselves and their dependents will be subject to penalties which will be calculated and assessed on their 2014 tax returns. The penalty for year 1 will be $95 or 1 percent of your taxable income, whichever is greater. If you have $50,000 in taxable income, your penalty for not maintaining adequate insurance would be $500.
The “individual mandate” requiring all citizens and legal residents of the United States to maintain minimum essential health care coverage begins in January of 2014. Individuals who do not maintain this coverage for themselves and their dependents will be subject to penalties which will be calculated and assessed on their 2014 tax returns. The penalty for year 1 will be $95 or 1 percent of your taxable income, whichever is greater. If you have $50,000 in taxable income, your penalty for not maintaining adequate insurance would be $500.
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