How Much Is The Fine For Not Having Health Insurance?
Have you ever wondered about How Much Is The Fine For Not Having Health Insurance? The Affordable Care Act, also referred to as ACA, has come into full effect for quite some time now. But not everyone actually signed up for health plan. Those who initially signed up for a coverage decided to not keep it for a myriad of different reasons. But the most common factor on this drastic change is its affordability.
Yes, despited its name, the Affordable Care Act is far from affordable for many people. As the statistics show, in 2014 there were 24-million people who opted to remain uninsured. Despite regulation on penalty coming into effect, it did not do much to decrease the number. Quite the contrary, the number increased to 27.4-million in 2016.
Who are affected by the regulation?
Also referred to as ‘Obamacare penalty’ or ‘Individual Mandate’ fine, the regulation requires those remaining uninsured to pay penalty cost. With that being said, it is clear that millions could end up owing considerable amount of tax penalty for being uninsured. Read on to learn more about who should pay penalty fee and how much they have to pay.
Before we go into How Much Is The Fine For Not Having Health Insurance, let’s take a look at those who are affected. As it turns out, not everyone who is uninsured automatically be subjected to penalty fee. Yes, this regulation indeed only affects those who have been uninsured for more than three consecutive months. Regardless of the reason why they are uninsured in the first place.
The cost of penalty tax
It does not matter if you only have a health insurance for one or a few consecutive days of a month. It will still be counted as a month where you are covered with health insurance policy. Those who lost their insurance due to being unemployed and cut off from the benefits may breathe a sigh of relief. You may also go uninsured for 2-months and won’t be subjected to paying the penalty.When we talk about the fine, the topic will instantly be directed to the amount of it. In 2017 the fine was either 2.5-percent of total adjusted gross-income of a household or 695-dollars of each individual in the household. If there is a child in the household, the fine would be 347-dollars. All of which are up to 2,085-dollar maximum. How Much Is The Fine For Not Having Health Insurance in 2018 is said to remain the same.