The Fee for Not Having Health Insurance

money in the handsIf you don’t have coverage in 2015, you’ll pay the higher of these two amounts: 2% of your yearly household income or the maximum of $325 per person for the year ($162.50 per child under 18). Only the amount of household income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.

The maximum penalty is based on the national average premium for a bronze plan; and would be $975 per family. The penalty will continue to increase in 2016 — 2.5% of income or $695 per person. After that, it’s adjusted for inflation.

If you did not enroll in Health Insurance for 2015, it might not be too late. The good news is that the Health Insurance Marketplace is providing individuals and families who are subject to the fee when they file their 2014 taxes with one last chance to get covered for 2015. In order to take advantage of this Special Enrollment Period, you must meet all of the requirements.

FG Insurance:  Your Health Insurance Specialists serving the Beaverton, Portland and Greater Metro areas. 

Resource information from Healthcare.gov