IRS Final Rule on Shared Responsibility Payments

August 30, 2013
The penalty for not obtaining basic health insurance coverage is $95 per person or one percent of household income in 2014. In 2015, the penalty increases to $325 per person or two percent of income in 2015. The penalties (called a shared responsibilty payment) apply to all individuals, unless they qualify for one of nine exemption categories. The shared responsibilty payment and details on enforcement and exemptions were released on August 27, 2013, by the Internal Revenue Service (IRS) in a final rule. The final rule also clarifies certain rules regaring government coverage and the process that . . .