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.