News & Articles

New for 2014: Penalty for Not Complying with the Individual Mandate

Posted on Tue, Feb 11, 2014

Starting this year, a provision in the Affordable Care Act generally imposes a penalty on individuals who fail to carry so-called minimum essential health insurance coverage. The requirement to carry such coverage is often called the individual mandate, and the penalty is the cost for failure to comply with the mandate. This article explains who owes the penalty, how the penalty is calculated (it's complicated!) and how an individual will be expected to pay it. 

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Tags: EHTC Article, CPA Firm, Affordable Care Act, Individual Mandate, Penalty Basics