(ASL) - YouTube video text script - Commissioner: Individual Shared Responsibility Provision
Hi, I'm John Koskinen, commissioner of the Internal Revenue Service.
I'm here today to share with you important information about the Affordable Care Act.
Under the Affordable Care Act, every individual and their dependents are required to have insurance for the full year.
To the extent that they don't have insurance, they may be eligible for an exemption.
If you're not eligible for an exemption, then you'll be asked to pay your shared responsibility payment when you file your taxes.
Everybody is affected by it to the extent that everyone is required to have health insurance for themselves and their dependents.
Most people will have that coverage, and therefore, all they'll do is check a box on their tax return.
Those who do not have coverage for any portion or all of the year will be asked to pay their shared responsibility payment, depending upon their income.
You either have to have qualifying health insurance or qualify for an exemption or make the shared responsibility payment you'll owe when you file your taxes.
Plans that qualify are generally employer-provided plans, government-provided plans, plans that you've purchased individually, or plans that you've purchased through the Health Insurance Marketplace.
There's a wide range of exemptions. There are nine of them. Some of them are for hardship. Some of them are for short gaps in coverage.
They're available in some detail at our website, irs.gov/aca, in which they're all listed, and there's a full explanation of each.
You get an exemption, in some cases, by going to HealthCare.gov through the Marketplace.
Some of the exemptions, you get from the IRS, which you can get more explanations about on irs.gov/aca. And some exemptions, you can get either place.
If you don't have coverage or don't qualify for an exemption, then you'll be responsible for the shared responsibility payment when you file your taxes.
It's basically determined by either a fixed amount or a percentage of your income, whichever is higher.
Again, if you go to our website, irs.gov/aca, you'll get more information.
You can get more information at our website, irs.gov/aca or the website HealthCare.gov.