via Wall Street Journal
Tax adviser David McKeegan of Greenback Expat Tax Services says expats can’t simply ignore U.S. requirements for health insurance. Here is his advice:
According to a recent survey of expats conducted by my company, awareness of “Obamacare” is high but understanding of its impact is not. While 95% of respondents have heard of Obamacare, 30% weren’t sure how or if they would be affected by it. These five facts about Obamacare may surprise you.
- Obamacare isn’t the official name.
- You aren’t automatically exempt just because you live outside the U.S.
- Claiming the exemption is simple.
- Some expats will be forced to pay a penalty tax.
- You are allowed a short gap in coverage every year—penalty free.