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Revealed on December 11, 2015

Do you know that having medical health insurance when you’ll be able to afford it’s the legislation? For those who can afford medical health insurance, however select to not get it for 2016, you might be required to pay a charge — generally referred to as the “penalty,” “high-quality,” or “particular person mandate” — while you file your 2016 federal revenue taxes.

The excellent news is, reasonably priced protection by the Well being Insurance coverage Market® is obtainable. After monetary assist, 7 out of 10 folks can discover plans with premiums of lower than $75 {dollars} per 30 days. For those who enroll by December 15, 2015, your protection will begin January 1, 2016.

Need to see plans and costs obtainable to you earlier than you apply? You possibly can preview 2016 plans and costs right here — you might be shocked to be taught simply how reasonably priced medical health insurance might be.

Breaking it down: the charge

Listed here are 5 fast information in regards to the charge for not having well being protection when you’ll be able to afford it:

  1. The charge is calculated 1 of two methods, relying in your state of affairs. It’s both a share of your annual family revenue or a set quantity for every particular person in your family who doesn’t have medical health insurance. While you file your federal revenue taxes, for those who’re uninsured for greater than 3 months regardless of accessing reasonably priced protection, you’ll be required to pay whichever quantity is larger. Learn to estimate the charge you’ll must pay for those who don’t have medical health insurance based mostly in your state of affairs.
  2. The charge is growing for 2016. For 2015, the penalty for no medical health insurance is $325 per particular person or 2% of your annual family revenue – whichever is larger. For 2016, the charge is $695 or 2.5% of your revenue — whichever is larger. For many individuals, that’s greater than the yearly price of well being plans they’ll discover on HealthCare.gov.
  3. Each month with out protection counts. The charge is calculated based mostly on the variety of months you and your family went with out . The extra months you go with out well being protection, the upper the charge, as much as the utmost. (However for those who’re uncovered for only one or 2 consecutive months, you don’t must pay the charge in any respect.)
  4. For some folks, exemptions from the charge can be found. Folks with very low incomes and those that meet different particular situations can get an exemption from the requirement to have medical health insurance and received’t must pay the charge. Be taught extra exemptions, and see for those who qualify.
  5. You’ve till January 31 to enroll in a 2016 plan to keep away from the charge. The ultimate deadline to join 2016 protection is January 31. A Particular Enrollment Interval across the April 15 tax submitting deadline received’t be provided in 2016. For those who don’t enroll by then, you may have to attend one other 12 months to get protection and will must pay the charge while you file your 2016 revenue taxes.

Prepared to use and keep away from the charge?

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