In Nov, Pres extended some provisions of the ACA. What provisions were extended? how will this apply to individuals with no health insurance. I need some fundamental information. I thought all was extended til 2015, individual mandate and business mandate, but may have misunderstood. I need some basics ( as of today, I guess. may change again?)
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If this information is for your client, I would direct them to healthcare.gov.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
The business mandate was extended to 2015, the individual mandate was not (thanks alot Washington). The President recenly announced "hardhsip" relief for anyone penalized by the individual mandate (with no definition of hardship). For 2014, the penalty for not having health insurance (individual mandate) is only 1% of income, much less than the cost of health insurance for most people who are struggling financially. So keep in mind while there is an indiviual mandate for 2014, the penalty is small. The penalty will start rising in 2015. Also keep in mind we could see substantial changes to the ACA. In 2014 we will have mid term elections in which the entire House of Representative is up for re-election, 1/3 of the Senate up, and over half the Govenors. Depening on the outcome of this, we could see big changes.Comment
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In November the president announced that plans that DON'T meet the ACA standards have another year before they need to conform to the ACA standards or be cancelled. That's all. The only effect of the November announcement is that if a taxpayer received a notice that their insurance is being cancelled, they MIGHT receive another notice that they can still have the insurance for another year. It's up to the insurance company if they still want to cancel it or not, and they still need to conform by 2015.
Earlier in the year, the employer mandate/penalty was delayed to 2015.
The individual mandate is still in effect.Comment
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