February 24, 2016
One of the pillars upon which the Affordable Care Act (ACA) is built is that everyone will be able to participate in the program. If a person does not want to take on the added cost of obtaining health insurance, they will face a stiff tax penalty. Or will they?
According to a story published by the Hill, the tax-filing software TurboTax has released data stating that nearly 3 in 4 people who lacked health insurance this past year were exempt from the penalty.
The TurboTax data cited that the 2 most common exemptions were related to the cost of coverage, including the inability to afford the care offered through an employer. Recent eviction or the death of a family member are two additional exemptions that were also commonly cited.
Since affordability is a cornerstone of the ACA, these figures highlight an alarming trend that those who need insurance are still unable to afford it.