Is It Fine for Not Having Health Insurance?
Is it fine for not having health insurance? With the high payment of hospital bills, still there are many people choose to not having health insurance. Is it really a good choice? Is there any penalty for those who decide for not having health insurance?
Not Having Health Insurance, Is It a Good Decision?
With the invention of uncountable deathly diseases in this modern era and with the high cost of hospital bills, there are still many people out there deciding for not having health insurance. Some of them think that the insurance payment is too high and they do not afford it. Some other people choose for not having health insurance because they are afraid of getting difficulties to make claims over their payments. It is really dilemmatic. But still the decision for not having health insurance is not a good choice. Why? There are some reasons that you need to have health insurance. First, you will never know when you will get health problem or suffer from deathly disease such as cancer. The medication and treatment for such diseases always requires a lot of money. It can bring you to bankruptcy. The second is that government will give penalty for those who don’t have health insurance.
The Penalty for People Who Don’t Have Health Insurance
In order to encourage people to have health insurance and to help more people to pay their medication bills, government approves a scheme called the Affordable Care Act or ACA. The act requires American people to buy health insurance for their own sake. According to the ACA, if people refuse to have health insurance then the government will have authority to give penalty to them. This penalty fee is sometimes also called as Obamacare penalty. There are two ways that are used by government to calculate the penalty fee, they are calculating the percentage of total household you have and then adjusted it with flat rate or gross income. Which one will be adjusted with your percentage of total household will depend on the total flat rate or gross income. The government will adjust it with the one that has greater amount. The penalty of tax year of 2017 is 2.5 % of total household which is adjusted with gross income. In the other words, penalty for adult reaches $ 695 while for children reaches $ 347.50. Meanwhile, the maximum payment for the penalty reaches $ 2.085. So, is it still fine for not having health insurance?