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How Much is the Penalty for Not Having Insurance?

The annual fee for not having insurance in 2015 is $325 per adult and$162.50 per child (up to $975 for a family) or 2% of your taxable income, whichever is greater. You’ll pay 1/12 of the total fee, per household member, for each month they go without coverage.

The annual fee for not having insurance in 2014 is $95 per adult and$47.50 per child (up to $285 for a family) or 1% of your taxable income, whichever is greater.  You’ll pay 1/12 of the total fee, per household member, for each month they go without coverage.

The fee for not having insurance increases each year.

See the “How the ObamaCare Tax Penalty Works” section below for important details because the specifics of the law are more complicated than that.

NOTE: The maximum penalty cannot exceed the national average yearly premium for a bronze plan.

minimum essential coverage

2017 = Tax Penalty will increase by the rate of inflation going forward | or 2.5% of your income (whichever is greater)

• The fee is annual, so, if you’re uninsured for just part of the year, 1/12 of the yearly penalty applies to each month you’re uninsured.

See more information & Source: www.healthcare.gov

Posted 7:08 AM  View Comments

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