Shared Responsibility Payment For Not Maintaining Minimum Essential Coverage

February 1, 2013
On February 1, 2013, the federal Department of the Treasury released a proposed rule for implementing the requirement to maintain minimum essential coverage required under the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act of 2010. Known as the individual mandate, the law provides that nonexempt individuals must have minimum essential coverage for each month beginning after December 31, 2013, or make an additional payment (the shared responsibility payment) with their Federal income tax return for the taxable year that includes such month.
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