Important Info on the Opt Out Penalty


The fee for not having health insurance in 2016

The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.

Percentage of income:

  • 2.5% of household income
  • Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Per person:

  • $695 per adult
  • $347.50 per child under 18
  • Maximum: $2,085
[You should be able to start signing up for Obamacare again around Nov 15th 2016; in some cases, you can sign up sooner. Small businesses can also sign up now. Info here.]

Important Info on the Opt Out Penalty:

It's sometimes called the "health insurance penalty," "fine," "individual responsibility payment" or "individual mandate."

If you are required to get health insurance, and you don't have what the government calls "minimum essential coverage," you have to pay the penalty.

See below to learn if you can avoid the penalty:

Obamacare Opt Out Penalties

Obamacare Opt Out Penalties
Source: Kaiser

Friday, October 25, 2013

Obamacare Opt Out Penalty & Update on Deadline to Avoid It

After April 15, 2014, most people will be unable to sign up for the private insurance component of 2014 Obamacare. See more on last-minute extensions and "special enrollment periods" here:
http://www.howdoigetobamacare.me/

That means that if you're required to have private insurance, and you don't have a plan that meets the government's definition of "minimum essential coverage," you may be out of luck. You'll owe the Obamacare opt out penalty with your 2014 taxes.

Check out the rest of this site for details and exemptions from the health insurance penalty.

Enrollment for 2015 Obamacare starts in the fall of 2014.


No comments:

Post a Comment