Do I pay a penalty for not having healthcare?

January 19, 2016

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Lauren
Lead Copywriter

 

 

Does a unicorn sneeze glitter?

…The answer is yes.

Due to the Affordable Care Act, you HAVE to have an insurance plan in order to avoid paying a tax penalty when filing your taxes. As of 2016, the tax penalty is:

-$695 per adult and $347.50 per child under 18 (with a $2,085 maximum)

OR

-2.5% of your household income (maximum= the national yearly average for a Bronze plan)

And we have even more bummer news: The penalty is due to rise each year.

We know this all stinks, but you have a few options if finances are an issue:

  • See if you qualify for health insurance subsidies on HealthCare.gov.
  • See if you qualify for a catastrophic plan. These plans typically have low monthly payments, but they only cover “catastrophic” medical services– not the basics.
  • Give us a call. We can help you find a plan that fits your financial needs.