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

Sunday, November 2, 2014

Apply for Obamacare Exemption Now to Avoid Tax Nightmare Next April

"Some math may be required: If the exemption covers only a few months of the year, the individual is responsible for calculating how much of the penalty he or she will owe. The process brings up a number of problems, the first being a time crunch. The marketplace is now taking about two weeks to process exemption applications, according to H&R Block. Many fear it will take much longer during tax season, particularly because the entire process is manual. Given how most people wait until the last minute to do their taxes, there is concern delays could push beyond tax day, April 15." Read more: http://www.politico.com/story/2014/10/obamacare-opting-out-111730.html#ixzz3HxB4QOWq

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