What's The
Penalty For Not Having Health Insurance?
What's the penalty for not having health insurance? For you who
are hesitate whether to have health insurance or not, you might have a typical
question like that. To make yourself sure about it, read the following
explanation about the penalty you should be responsible if you do not have
health insurance.
Answer and explanation
When
you actually in the condition, which can afford health insurance but do not buy
it, then you will need to pay a fee. This fee usually called as individual
shared responsibility payment, penalty, fine, or individual mandate. In certain
case, you may meet the criteria for health coverage exception from the
requirements of having insurance. If you meet the criteria, then you will not
need to pay the fee.
You
then will counted as owing the fee for the month that you, your spouse, or even
your tax dependents do not have qualifying health coverage. It usually called
as minimum essential coverage.
The way to calculate the fee
There
are two ways to calculate the fee. The first one is the percentage of your
household income, and the second one is per person. You will need to pay the
higher one. To count from the household income, it is taken as many as 2.5%. Is
there any maximum border? Yes, there is. The maximum border is the full amount
of yearly premium for the national average price of the Bronze plan, which sold
through Marketplace. Move to the second way, the per person takes $695 for
adult, and $347.5 for child under 18 years old. This one also has maximum
border, which is $2,085.
Paying the fee
If
you use the percentage method, then only the part from your household income
which is above the yearly tax filling requirement that will be counted. On the
other hand, if you use the per person method, you will only need to pay for the
people who do not have insurance coverage.
So
if you have coverage for part of the year? If it is the case, then the fee will
be 1/12 of the annual amount for every month that you do not have coverage.
However, if you are not covered for only 1 or 2 months, then you will not need
to pay any fee.
Those are all information about the question of “What's the penalty for not having health insurance“.
We highly hope that it can help you to understand about insurance better and
make you even sure to have a good plan for your future.
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