"In Obamacare, you will face a fine if you don’t have insurance, unless you qualify for an exemption. The fine for 2014 is $95 per person or 1 percent of income, whichever is greater. However, by 2016 the fines are up to $695 per year, or 2.5 percent of income. For families, the tax is 2.5 percent of income or $2,085, whichever is greater. The fines are also known as income tax penalty. According to Obamacare Facts, “The requirement can be waived for several reasons, including financial hardship or religious beliefs. If the tax would exceed 8% of your income you are exempt, also some religious groups are exempt. That tax cannot exceed the cost of a ‘bronze plan’ bought on the exchange.”
Posted on: Tue, 01 Oct 2013 04:02:54 +0000
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