What’s My Penalty if I Don’t Buy Health Insurance?

January 10, 2017

Share on FacebookGoogle+Tweet about this on TwitterEmail to someone
Lauren
Lead Copywriter

You’re having difficulty finding a health insurance plan that fits your needs and budget for 2017, and you’re thinking of risking it, forgoing health insurance and just paying the penalty.

So what is the penalty for not buying health insurance?

According to HealthCare.gov, the penalty for not buying health insurance in 2017 is:

Percentage of income

  • 2.5% of household income
  • Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Per person 

  • $695 per adult
  • $347.50 per child under 18
  • Maximum: $2,085

Whichever amount is higher will be the amount you pay.

You’ll have to pay the penalty when you file your taxes. If you go part of the year without insurance, you’ll pay a smaller fee (if you go one or two months without insurance, you don’t have to pay a fee). If you do not pay the fee at tax filing time, the government will deduct the amount owed from future tax refunds.

We know that health insurance is expensive this year, but we can help you find an affordable plan. Some health insurance is better than no insurance, especially if you have a family to look after. Even if you get a plan that doesn’t cover a lot, such as doctor visits or medication, your plan will still cover you, or your family, in case of a costly medical emergency AND your plan offers dozens of free preventative visits, such as cancer screenings, diabetes type 2 screenings, behavioral and developmental assessment for children, contraceptives and more. You can see a full list of free services available through your health insurance here.

If you need help finding health insurance, start here. We want you to stay safe & healthy in 2017!

And remember: If you have any questions, don’t hesitate to contact us.