New Guidance about Individual Mandate and the Affordability Exception

The “individual mandate” (also known as individual shared responsibility) generally requires every individual to have minimum essential health coverage for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return. An affordability exemption exists for individuals who cannot afford coverage because the minimum they must pay for premiums is more than a specified amount.

The IRS recently released final regulations explaining acceptable exemptions are available on the IRS website.