Implications of Health Insurance Enforcement on IRS pt 1


With the ever-increasing cost of medical care, the US government has made it mandatory for all its citizens to purchase health insurance. This is known as the Healthcare Reform law. If you violate this law, you will be subjected to a fine of $695 or 2.5% of their income, whichever is higher. It is anticipated that more than 4 million Americans who fail to obtain health insurance could be subject to penalties of up to $1,000 by 2016.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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