TUESDAY, APRIL 14, 2015
Most of us are now aware that there is a tax penalty assessed if health insurance has not been purchased.
> The penalty in 2014 was the greater of 1% of the annual household income OR $95.00 per adult and $47.50 per child under 18 years old, subject to a maximum of $285.00.
> The penalty (or "fee" as it is called on the healthcare.gov website) for not purchasing health insurance in 2015 increases sharply to the greater of 2% of the annual household income OR $325.00 per adult and $162.50 per child under 18 years old, subject to a maximum of $975.00.
> The penalty for not purchasing health insurance will increase again in 2016 to the greater of 2.5% of the annual household income OR $695.00 per adult and $347.50 per child under 18. The Healthcare Marketplace Website (healthcare.gov) does not indicate any maximum cut-off for 2016.
> The penalty will continue to be adjusted for inflation in years after 2016.
In spite of the penalties or fees being assessed by the government for not purchasing health insurance, the cost of medical costs in the absence health insurance can be staggering.
Be sure you have proper health insurance to protect your family!
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