Dont get stuck paying the penalties for not having insurance. Read the information below regarding the fees associated with not having health insurance that are coming. Contact us today for a free quote. You only have until December 15, 2014 to enroll for January 1st effective date. The fee in 2015 If you don’t have coverage in 2015, you’ll pay the higher of these two amounts: • 2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan. • $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975. The fee for not having coverage in 2014 If you didnt have coverage in 2014, you’ll pay the higher of these two amounts when you file your 2014 federal tax return: • 1% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan. • $95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285. The fee after 2015 The penalty increases every year. In 2016 it’s 2.5% of income or $695 per person. After that its adjusted for inflation. How you pay the fee You’ll pay the fee on the federal income tax return you file for the year you don’t have coverage. Most people will file their 2014 returns in early 2015 and their 2015 returns in early 2016.
Posted on: Wed, 26 Nov 2014 03:14:15 +0000
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