Health Insurance
What If Someone Doesn't Have Health Insurance in 2014?
If someone who can afford health insurance doesn't have coverage in 2014, they may have to pay a penalty. The penalty is calculated in 2 ways. You'll pay whichever of these amounts is higher:
- 1% of your yearly household income.The maximum penalty is the national average yearly premium for a bronze plan.
- $95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285.
The penalty fee increases every year. To calculate your penalty if you do not plan on purchasing insurance, click on the link below:
How Do I Qualify for an Exemption from the Penalty?
Most people must have health coverage or pay the penalty. However, you can get an exemption in certain cases.
To see if you qualify for an exemption from the penalty, click on the link below:
Where Can I Go to Have More of My Questions Answered?
The Affordable Care Act understandably raises many questions. One thing that is clear is that for tax purposes, it is very important to have health insurance coverage.
To find more answers, click on the link below:
Healthcare.Gov
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