December 11, 2015
Do you know that having medical health insurance when you may afford it’s the legislation? When you can afford medical health insurance, however select to not get it for 2016, you could be required to pay a price — generally known as the “penalty,” “advantageous,” or “particular person mandate” — once you file your 2016 federal earnings taxes.
The excellent news is, inexpensive protection by the Well being Insurance coverage Market® is accessible. After monetary assist, 7 out of 10 folks can discover plans with premiums of lower than $75 {dollars} per thirty days. When you enroll by December 15, 2015, your protection will begin January 1, 2016.
Wish to see plans and costs out there to you earlier than you apply? You may preview 2016 plans and costs right here — you could be stunned to be taught simply how inexpensive medical health insurance may be.
Breaking it down: the price
Listed here are 5 fast information in regards to the price for not having well being protection when you may afford it:
- The price is calculated 1 of two methods, relying in your state of affairs. It’s both a proportion of your annual family earnings or a set quantity for every particular person in your family who doesn’t have medical health insurance. While you file your federal earnings taxes, in case you’re uninsured for greater than 3 months regardless of accessing inexpensive protection, you’ll be required to pay whichever quantity is increased. Learn to estimate the price you’ll must pay in case you don’t have medical health insurance primarily based in your state of affairs.
- The price is rising for 2016. For 2015, the penalty for no medical health insurance is $325 per particular person or 2% of your annual family earnings – whichever is increased. For 2016, the price is $695 or 2.5% of your earnings — whichever is increased. For many individuals, that’s greater than the yearly price of well being plans they will discover on HealthCare.gov.
- Each month with out protection counts. The price is calculated primarily based on the variety of months you and your family went with out . The extra months you go with out well being protection, the upper the price, as much as the utmost. (However in case you’re uncovered for just one or 2 consecutive months, you don’t must pay the price in any respect.)
- For some folks, exemptions from the price can be found. Folks with very low incomes and people who meet different particular situations can get an exemption from the requirement to have medical health insurance and gained’t must pay the price. Be taught extra exemptions, and see in case you qualify.
- You’ve till January 31 to enroll in a 2016 plan to keep away from the price. The ultimate deadline to enroll in 2016 protection is January 31. A Particular Enrollment Interval across the April 15 tax submitting deadline gained’t be supplied in 2016. When you don’t enroll by then, you might have to attend one other yr to get protection and should must pay the price once you file your 2016 earnings taxes.
Prepared to use and keep away from the price?
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