What happens if I don’t buy health insurance after 2014? The health reform law includes an individual mandate, requiring every American to have health coverage, with just a few exceptions. It includes a penalty for anyone who does not buy health insurance. The penalties are phased in: the penalty is the greater of $95 or 1% of income in 2014; $325 or 2% of income in 2015; and $695 or 2.5% of income when fully implemented. There is a cap on the total you can pay. There are some exceptions to the penalty though. You don’t have to pay if: you can’t find a premium for a qualified plan through your state health insurance exchange that is less than 8% of your adjusted gross income; your income is below the tax filing threshold; you have a hardship waiver; you are not covered for a period of less than three months during the year; or you have a religious objection. Tags: aca, Health Reform, individual mandate, state health insurance exchange -
Posted on: Sun, 07 Jul 2013 13:58:36 +0000
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