Exemptions to the Individual Mandate
There are some cases where there is no penalty to not having coverage.
If you are a victim of identity theft, it can be costly to reestablish your credit and identity. Several companies are now offering identity theft insurance.
Instead, identity theft insurance provides coverage for the cost of reclaiming your financial identity. This includes:
The costs of making phone calls,
Taking time off from work without pay (lost wages),
And hiring an attorney.
Find out what the policy limits are.
Most identity theft insurance policies have policy limits of $10,000 - $15,000.
Find out if there is a deductible.
Some policies require you to pay the first $100 - $500 of costs incurred for reclaiming your financial identity.
Remember, identity theft insurance does not cover direct monetary losses.
If the policy covers lost wages, verify what limits apply and what triggers this coverage.
If you are a salaried employee or are required to request vacation time in the event of a work absence associated with reclaiming your financial identity, you may not have unpaid leave and lost wages.
If the policy covers legal fees, verify what limits apply and if legal work needs to be pre-approved by the insurer.
Check to see if your current homeowner insurance includes identity theft insurance.
As with any insurance product, make sure you understand what you are purchasing. And compare the product’s price, coverage, and deductibles among multiple insurers.
This article is published on KansasMoney.gov. Find more information by contacting these state agencies: