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.