Insurance

Understanding 2016 Fees for No Health Insurance | HealthCare.gov

published on December 11, 2015

Did you know that having health insurance when you can afford it is the law? If you can afford health insurance but decide not to get it for 2016, you may have to pay a fee, sometimes called a “penalty,” “fine,” or “individual mandate,” when you file your federal income tax return. 2016 .

Reading: How much is the tax penalty for no insurance 2016

See also: MA General Eligibility

The good news is that affordable coverage is available through the Health Insurance Marketplace®. after financial help, 7 out of 10 people can find plans with premiums less than $75 a month. If you enroll before December 15, 2015, your coverage will start on January 1, 2016.

Want to see the plans and pricing available to you before you apply? you can preview 2016 plans and pricing here. you may be surprised to learn how affordable health insurance can be.

breaking it down: the rate

See also: Best Car Insurance for Bad Credit | Bankrate

Here are 5 quick facts about the fee for not having health coverage when you can afford it:

  1. The fee is calculated 1-2 ways, depending on your situation. It is a percentage of your household’s annual income or a set amount for each person in your household who does not have health insurance. When you file your federal income taxes, if you’re uninsured for more than 3 months despite having access to affordable coverage, you’ll pay whichever is more. learn how to estimate the rate you’ll have to pay if you don’t have health insurance based on your situation.
  2. the rate will increase for 2016. for 2015, the penalty for not having health insurance is $325 per person or 2% of your annual household income, whichever is greater. for 2016, the fee is $695 or 2.5% of your income, whichever is greater. for many people, that’s more than the annual cost of the health plans you can find on healthcare.gov.
  3. every month without coverage counts. the rate is calculated based on the number of months you and your household were without . the more months you go without health coverage, the higher the rate, up to the maximum. (But if you don’t have coverage for just 1 or 2 months in a row, you don’t have to pay the fee at all.)
  4. For some people, fee waivers are available. People with very low incomes and those who meet other specific conditions can get an exemption from the requirement to have health insurance and will not have to pay the fee. Learn about more exemptions and see if you qualify.
  5. You have until January 31 to enroll in a 2016 plan to avoid the fee. The final deadline to enroll in Medicare coverage 2016 is January 31. A special enrollment period will not be offered around the tax filing deadline of April 15 in 2016. If you don’t enroll before then, you may have to wait another year to get coverage and pay the fee when you file your claims. 2016 income taxes.
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See also: 10 Cheapest Car Insurance Companies (October 2022) – ValuePenguin

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