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Understanding 2016 Charges for No Well being Insurance coverage

Revealed on December 11, 2015

Do you know that having medical health insurance when you possibly can afford it’s the regulation? In the event you can afford medical health insurance, however select to not get it for 2016, you might be required to pay a charge — typically referred to as the “penalty,” “high quality,” or “particular person mandate” — while you file your 2016 federal revenue taxes.

The excellent news is, reasonably priced protection by way of the Well being Insurance coverage Market® is obtainable. After monetary assist, 7 out of 10 individuals can discover plans with premiums of lower than $75 {dollars} per 30 days. In the event you enroll by December 15, 2015, your protection will begin January 1, 2016.

Wish to see plans and costs accessible to you earlier than you apply? You’ll be able to preview 2016 plans and costs right here — you might be stunned to be taught simply how reasonably priced medical health insurance might be.

Breaking it down: the charge

Listed here are 5 fast info in regards to the charge for not having well being protection when you possibly can afford it:

  1. The charge is calculated 1 of two methods, relying in your state of affairs. It’s both a proportion of your annual family revenue or a set quantity for every particular person in your family who doesn’t have medical health insurance. While you file your federal revenue taxes, in the event you’re uninsured for greater than 3 months regardless of getting access to reasonably priced protection, you’ll be required to pay whichever quantity is increased. Discover ways to estimate the charge you’ll need to pay in the event you don’t have medical health insurance based mostly in your state of affairs.
  2. The charge is growing for 2016. For 2015, the penalty for no medical health insurance is $325 per particular person or 2% of your annual family revenue – whichever is increased. For 2016, the charge is $695 or 2.5% of your revenue — whichever is increased. For many individuals, that’s greater than the yearly value of well being plans they’ll discover on
  3. Each month with out protection counts. The charge is calculated based mostly 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 charge, as much as the utmost. (However in the event you’re uncovered for just one or 2 consecutive months, you don’t need to pay the charge in any respect.)
  4. For some individuals, exemptions from the charge can be found. Folks with very low incomes and those that meet different particular circumstances can get an exemption from the requirement to have medical health insurance and gained’t need to pay the charge. Study extra exemptions, and see in the event you qualify.
  5. You might have till January 31 to enroll in a 2016 plan to keep away from the charge. 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. In the event you don’t enroll by then, you can have to attend one other 12 months to get protection and should need to pay the charge while you file your 2016 revenue taxes.

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