Wednesday, April 8, 2015

ACA/Obamacare: Penalty/Tax Reaches New Zeniths Regarding Uninsured Status in 2015

NEW YORK (MainStreet) — The fee for not having health insurance coverage in 2015 will increase to 2% of your annual household income or up to $975 per family, $325 per adult and $162.50 for each child under the age of 18 years, whichever is higher. That's twice as much as the maximum penalty in 2014, when the fee was 1% of your annual household income, or $95.00 per adult and $47.50 per child under the age of 18 years.

The maximum penalty per family in 2014 looks like a bargain now at $285, a hike of nearly 250%. The fee will continue to get stiffer in 2016 when it will cost families 2.5% of their annual household income or $695 per adult and $347.50 per child under age 18, the federal government's way of incentivizing uninsured Americans to get health care coverage.

Whether through the incentive to avoid the penalties or the need to get health care coverage to protect their personal finances and have access to doctors and hospitals, as of February 22, 2015, nearly 11.7 million consumers had signed up for health insurance coverage in the government’s marketplace, according to a report released by the U.S. Department of Health and Human Services. More than half (55%) paid monthly premiums of $100 or less after tax credits, totaling $1,200 a year or less for coverage.

Despite the relative affordability of health insurance and a requirement to pay a stiff penalty for not having coverage, many Americans eschew Obamacare. According to a new analysis by Avalere Health, many Americans are still opting to go without health insurance coverage.” - The Penalty for Going Without Obamacare Soars Nearly 250% Over 2014 Fee, MSN Money, 04/08/2015

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