ObamaCare Penalty: $95 or $3,000?
The Affordable Care Act penalty is $95 according to many sources, but that won’t be accurate for many people who choose to forego insurance in 2014.
How the ACA Penalties Work
The minimum penalty (tax) for someone who chooses to go without insurance is $95 BUT the maximum penalty is 1% of your income. And that 1% penalty is way more likely the penalty you will pay, than a measly $95. But here’s the big news: that penalty maxes out at the cost of the average yearly Bronze premium -projected at $249 per month for the 48 contiguous states. It is unclear if your penalty will be based on the federal, state, or region average. But if your penalty is based of the U.S. average for all ages and counties, you could pay up to $2,988 for 2014.
Pay the ACA Penalty?
That’s up to you if you want to pay a penalty and still have to pay out of pocket for all of your medical costs. For most people the penalty will lie between $95 and $3,000, but it’s important to note, the penalty is not as low as you may have thought. Weigh what makes most sense for you.
To learn what you penalty would be for 2014 call 800-930-7956 or contact Medicoverage.