Am I Exempt from Penalty Due to Unaffordable Employer Coverage?
My employers lowest self-only insurance plan is more than 8% of my income, am I exempt from from paying the penalty even if I don’t inquire or look for coverage through the market place.
Answer
You are exempt if the lowest cost plan is 8% of household income for employee-only, or two or more family members’ aggregate cost of self-only employer-sponsored coverage is more than 8% of household income.
TIP: Specific numbers adjust upward each year, that makes the specifics of the exemption hard to describe. If you are over the 8% mark, or feel you are close, contact HealthCare.Gov for more info.
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Answer Rating:
I feel screwed over. I had to drop my insurance for the first time in 13 yrs due to the more then double increase in cost for even the worst insurance!
I will have to start paying penalty fees and I can barely afford to pay my own rent half the year so look forward to my tax return!
I want to sue someone so bad !
Sorry to hear that. Not everyone saw their costs go down. Was this for employer coverage or on the Marketplace? Did you have access to tax credits? What region do you live in? These are all questions that can help address this issue.