Did You Know?? Uninsured Health Penalties

I came across this information recently. Something everyone should know — there will be tax penalties assessed for those ignoring the health care mandate. Please read the summary below:

Tax penalties for remaining uninsured have risen significantly. Every adult without health insurance will be subject to a minimum penalty of $325 when filing taxes next year (2016). The fee will rise the following year to $695 per adult, more than seven times the $95 penalty for being uninsured in 2014.

The White House expects that by highlighting the financial risk for consumers – through penalties – will prove as an effective incentive for people to enroll. White House officials also say they want to be transparent to try to avoid protests by taxpayers who could be surprised to discover they will be hit with substantial penalties.

The administration appears to be on track to meet its goal of increasing enrollment through the federal and state insurance exchanges by several million people. Officials have said they expect to reach their goal of more than nine million people insured.

There are some exceptions in place. Federal officials have authorized more than 30 types of exemptions from the penalty for not having insurance. One is for low-income people who live in states that did not expand Medicaid. Another is available to people who would have to pay premiums that amount to more than 8 percent of their household income. The government will also allow a variety of hardship exemptions.

JD Miller

About JD Miller

John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. Phone: (781) 378-2164 Email: [email protected] Website: https://homecarepartnersma.com
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