What Is The
Penalty For Not Having Health Insurance?
Are you one of those people who wonder What Is The Penalty For Not Having Health Insurance?
Perhaps you have just lost a job that gives you health insurance coverage. Or
perhaps, for some reason, you are considering to not purchase a health plan.
Understanding everything you need to know before making your final decision will
undoubtedly save you from consequences.
To purchase a health insurance coverage or to not
purchase it may be the question. However, the answer is not quite
straightforward to many people. There are so many variables at play when it
comes to whether or not one must buy a health plane. More than 27.6-millions of
people are listed to be uninsured, and their reasoning may differ from one
another.
Why
people decide to remain uninsured
Not everyone can afford health care. With the ever
increasing amount of out-of-pocket costs as well as premiums, affordability may
be the most common issue. But not all 27.6-millions of people cannot afford
health care and all of its fixings. Yes, according to statistics, only about
45-percent of them remain uninsured due to their inability to afford it.
The rest of them are able to afford it, however they
consciously forego in doing so. This is perhaps a weird concept for those who
would like a health care but cannot afford it. But there is a myriad of reasons
why they make the decision. Despite knowing the answer to What Is The Penalty For Not Having Health Insurance,
they would rather pay the fine due to one of the following reasons.
·
Falling into hard times that makes them unable to
afford, yet still unqualified for a form of subsidy.
·
Being forced into purchasing insurance policy with
less coverage and higher premiums.
Cost
of penalty
Skipping on purchasing a coverage is a matter of
personal decision. Majority of people who remain uninsured do so because they
opt for the more affordable option. Not having to purchase a policy and subject
themselves to premiums and other costs result in penalty. But to them, this
penalty fee is less expensive than the first option.
If this is something
that you would like to do, keep in mind that the cost of penalty increases
annualty. Not only that, it’s calculated based on how many months you have gone
uninsured. In 2017 tax year, the penalty was 695-dollar per adult and
347.50-dollar per child. Or, 2.5-percent for the total gross income of your household.
What Is The Penalty For Not Having Health Insurance
in 2018 is expected to raise.
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