Question: Am I, or my business, required to purchase health insurance on the federal or state exchange?
Answer: No, the exchange simply provides a comparison of policies and options to choose from in selecting coverage. Nothing requires a person or business to buy insurance on the exchange as long as your policy meets the definition of minimum essential coverage. However, only insurance purchased through the exchange is eligible for the premium tax credit or credit for small employers who offer health insurance.
Featured in the TAXPRO Weekly - October 17, 2013