What Are The Exemptions for Obamacare?

The tax penalty for not having health insurance in 2016 can be no more than 2.5% of your annual income. This amount will be deducted from your income tax return when you file taxes and therefore could significantly lower your tax return or even cause you to owe money. If you have gone without health insurance you should check to see if you qualify for an exemption before paying any fines.

Here are some of the exemptions based on hardships:

• You were homeless
• You were evicted
• You had your utilities shut off
• You experienced domestic violence
• A family member passed away
• You were the victim of a natural or human-caused disaster
• You filed for bankruptcy
• You accumulated debt due to medical bills
• You became financially responsible for an ill or aging family member
• You were denied Medicaid in a state that has not expanded Medicaid
• Your health insurance plan was cancelled and you believe all the options on the marketplaces are too expensive
• Read more about exemptions on the government’s website

Some of these exempt you from the fine for only a few months before, during and after the hardship, while others will exempt you for the entire year.

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