What Is the Penalty for No Health Insurance in 2018?
Having a health insurance is very important. Not only it can help you to cover your medical payment but it can also help you to get medical treatment you need easily. The US government is now encouraging the American citizens to have health insurance. The government also will give penalty for those who refuse to buy health insurance. The total amount of the penalty changes each year. There come up some pros and cons regard to this penalty policy. So, what is the penalty for no health insurance in 2018? And how much people should pay for it? Find more about the answers in this following article.
Understanding Health Insurance Penalty
Based on its terminology, penalty is described as individual mandate or payment done due to individual responsibility. The penalty is also called as fine or fee sometimes. The US government has launched a policy relates to health insurance since 2014. The US citizen should pay a penalty if they refuse to have health insurance. This health insurance penalty is also called as Obamacare penalty. The penalty payment has increased each year since it was launched for the first time. How much people should pay for the health insurance is arranged under ACA (Affordable Care Act). Many people think that this policy is somehow burdening the US people. This is because not all of American people can afford to buy health insurance due to the high living cost in the country.
How Much You Should Pay for 2017 Health Insurance Penalty?
The amount of health insurance penalty payment keeps increasing each year since it was launched to public for the first time. In 2014, people who didn’t have health insurance were forced to pay $95. Meanwhile, they had to pay $47.50 for children under 18 years old who didn’t have the insurance. In 2015, the penalty reached $325 for children and $695 for adult. The penalty in 2106 was $695 for adults. It was about 2.5% of household income. While in 2017, people had to pay $347.50 for children and $695 for adult. What is the payment for no health insurance in 2018? Well, the US government has not announced the penalty payment for the year of 2018 yet. But if we look back at the previous penalty payments, it can be expected to increase. But despite the pros and cons about the Obamacare policy, people indeed need health insurance for their own sake.
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