What Is the Fine for Not Having Health Insurance?
What is the fine for not having health insurance? When you have health insurance, but do not want to get it
anymore then you will be required to pay some money that is called as
individual mandate (penalty or fine). The individual mandate or fine will be
calculated in 2 ways, but the state will use only one of them (depend on the
situation of every people).
How to count it?
The state will use one of these; percentage of household
income (annually) or the amount for every family member who does not have
health insurance. It will consider your federal income taxes you filed; when
you are uninsured for 3 months (or more) you have access to affordable health
insurance coverage, and then you will be needed to pay the higher amount. One
thing for sure is to know what to do about health insurance.
The amount of the fee is increased in 2016. The amount of the
fine in 2015 for having no health insurance is around $ 325 or 2% of the annual
household income. Meanwhile, in 2016, the fee is counted 2.5% of your income or
$ 695 per person (doubled from the previous year's fine amount). That is more
than the yearly health plans cost many people may spend.
The fee is counted based on the number of months you and
every member of your family spent on health insurance coverage without
qualifying health insurance coverage. The more time you go to healthcare
without health insurance coverage, the higher the fine you need to pay (depend
on the maximum). But you do not need to pay the fine when the times you use are
no longer than 2 months.
How to avoid the fine?
Once you know how to
calculate the fine and how much fine you should pay, some of you may be looking
for ways to avoid the fine. There are actually ways (and criteria) that can
abort your obligation to pay the fine. You must enroll / sign up the health
insurance plan if you do not want to pay the fine and December 15 is the
deadline for 2018 coverage. When you miss to enroll by the date, you must wait
a year to get your money taxes of 2018. So, once you know about how to
calculate and what is the fine for not having health insurance, you can consider
whether you want to follow health insurance or not.
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