Did you know that by law you must have health insurance when you can afford it? If you can pay for your health care coverage, but decides not to pay it, you can be asked to pay a fine – sometimes called “penalty”, “fine”, “payment of individual responsibility”, or “individual mandate” – when you file your federal return in 2016.
Health Insurance Plans from Marketplace
The good news is, that there is coverage available through the health insurance market. After the financial assistance, 7 of every 10 people can find plans with premiums of less than $ 75 a month. If you register before December 15, 2015, your coverage would begin on January 1, 2016.
See plans and pricing available before you apply for? You can see plans and pricing available here – may be surprised to see how accessible that can be health coverage.
Fine for not having 2016 Health Insurance
Here you can see 5 situations on the fine for not having medical insurance when you can afford it:
- The fine is calculated in 1 or 2 ways, depending on your situation. It is a percentage of their annual household income or a fixed amount for each person in your household who do not have health insurance. When you file your federal tax, if you don’t have coverage for more than 3 months despite having access to affordable coverage, you will be required to pay the amount which is greater. Learn how to calculate the fine which will have to pay if you don’t have health insurance according to whatever their situation.
- The fine is increasing by 2016. For 2015, the fine for not having insurance is $325 per person or 2% of their annual household income – the amount that is greater. By 2016, the fine is $695, or 2.5% of their income – which is greater. For many people, that is more than the annual cost of health plans that you can find at healthcare.gov.
- Each month that does not have coverage account. The fine is calculated based on the number of months that you and members of your household did not have qualified more coverage are the months that do not have coverage, the penalty will be higher up to the maximum amount. (But if you don’t have coverage for only 1 or two months in a row, you don’t have to pay the fine).
Exemptions from Healthcare Tax Fines
- For some people, there are exemptions available for fine. People with very low incomes and who meet other specific conditions can obtain an exemption on the requirement to have health coverage and will not have to pay the fine. Learn more about exemptions and see if you qualify
- You have until January 31 to sign up for a plan and avoid having to pay the fine. The deadline to register is January 31, 2016. In 2016 will not be offered the special enrollment period on the date limit of close to the April 15 tax filing. If you do not register by then, you will have to wait another year to get coverage and will have to pay the penalty when you file your taxes in 2016.