Elizabethtown 270-769-1414          Shepherdsville 502-543-1088

Lovelace Tax

If you purchased insurance through an exchange or marketplace you will have a filing requirement this year.

Just like you receive proof of insurance for your auto policy, each person with healthcare insurance will receive a tax form 1095-A, 1095-B, or 1095-C documenting their coverage. 

Here are some of the most commonly asked questions with regard to the Affordable Care Act (ACA).  This information is meant to be a reference, but should not supplement speaking with a Affordable Care Act expert.  Please call Lori at 270-769-1414 or Sue at 502-543-1088 for information specific to your situation. 

When will I have to pay a penalty if I don't have health insurance?

If you do not have health insurance that meets the minimal essential coverage at any point last year, you will have to pay a penalty when you file your taxes this year unless you have a qualifying exemption.

Do I qualify for an exemption?

Some of the exemption reasons include:
Disaster (fire, flood, etc) that caused substantial damage
Medical expenses that you could not pay in the last 24 months and that resulted in substantial debt
Hardship (domestic violence included)
Eviction, foreclosure, or the threat of either within the past 6 months
Receipt of a shut-off notice from a utility company
Filing bankruptcy within the last 6 months

A complete list of the exemptions can be found at www.healthcare.gov.  The link to request your exemption is also available there.  You will need to bring your exemption approval letter when you come in to file each year.

What is minimum essential coverage?

Minimum essential coverage includes employer-sponsored plans, self-insured plans, COBRA coverage, and retiree coverage.  Coverage purchased through an exchange or marketplace will also meet the minimum requires.  Tricare, VA benefits, Medicare and most Medicaid plans are also included.  Please visit www.healthcare.gov for a full list of plans that meet the minimum essential coverage requirement.

To calculate your premium assistance coverage, please visit: http://kff.org/interactive/subsidy-calculator/

Because each situation is different, we cannot guarantee that the information will apply to you as outlined above.  Please call our offices for more information.