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.
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