What if I don’t want to buy health insurance?

Published 11/06/2014 08:09 AM   |    Updated 03/14/2016 07:43 AM

What if I don't want to buy health insurance?

Every consumer has the option to forego purchasing health insurance. However, the ACA requires everyone to have health insurance under what is known as "the individual mandate." If you do not purchase health insurance for 2016, you may  be subject to a tax penalty. The tax penalty for 2016 will be the HIGHER of the following options:

  • 2.5 percent of your yearly filing threshold. This penalty cannot be more than the national average premium for a bronze plan. For 2014, the annual national average premium for a bronze plan is $2,448 per individual ($204 per month per individual) and $12,240 for a family with five or more members ($1,020 per month for a family with five or more members). Additional information for calculating this penalty may be found here.

  • $695 per person at least 18 years old, and $347.50 per child under 18 years old, in your household for the year. The total penalty cannot be more than $2,085.


 

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