Know the exemptions — Enroll in healthcare or face a steep penalty

If individuals do not have health insurance by Jan. 31, they may be subject to a fine reaching $695 for each adult and $347.50 per child, or 2.5% of income. However, there are several exceptions to the penalty, as listed in Forbes.

The most common exemptions include:

• You are homeless, facing eviction or foreclosure or received a notice of utility shut-off
•You experienced domestic violence
•You experienced death of a close family member
•You experienced a fire, flood or other natural disaster that caused substantial damage
•You filed for bankruptcy
•You had medical expenses you couldn't pay
•You had unexpected increases in expenses paying for an ill family member
•You were eligible for Medicaid but your state didn't expand Medicaid
•Your individual plan was cancelled and you considered Marketplace plans unaffordable

More articles on coding & billing:
The big 6 — Key points on the nation's largest payers
Minnesota subcommittee advocates a state-run health insurance exchange — 5 observations
Billing company offers free consultations on outsourcing — 5 key notes

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