Affordable Care Act: Penalties for the Uninsured
November 07, 2014
By Amy De Vore+
An Obamacare penalty will be assessed for those who do not have health insurance and don’t qualify for an exemption.
How are Penalties Assessed?
Affordable Care Act penalties are assessed by the amount of months that a person is without health insurance. For instance, if you didn’t have health insurance for six months out of twelve a prorated amount will be tacked on when you do your taxes (50%).
How Much is the Obamacare Penalty
The Obamacare penalty for 2015 is $325 or 2% of your income, whichever is higher. For example if your individual income was $60,000, your penalty would be $1,200 for the year. There is also a penalty for each child that is not covered at $162.50 per child, for an out of pocket max for family at $975. To learn what your specific monthly premium under the Affordable Care Act would be call 800.930.7956.
ObamaCare Penalty Exemptions
Some people will not be responsible for an ObamaCare penalty. Here are some examples of Obamacare exemptions:
- Being below the poverty line, low enough that you don’t file a tax return
- Against your religious beliefs
- In jail or prison
- A member of an Indian tribe
- An undocumented immigrant
- Minimum coverage would exceed 8% of your income
- Live abroad for more than 330 days of the year
- Without health insurance for less than 3 months
For any further questions about Obamacare penalties call 800.930.7956 or contact Medicoverage about ObamaCare.
The next open enrollment for new health coverage begins October 15, 2015. Applications must be submitted before December 7, 2015 to start a plan in 2016. If you are looking to get covered in 2015 you still have a few options. See link below:
Click here to learn how to get covered in 2015 if you missed the Obamacare 2/15 deadline.