Avoid the Fine
November 26, 2014
Having quality, affordable health insurance can provide peace of mind and financial security to you and your family. And with financial help available, health insurance is more affordable than ever before.
Unfortunately, many folks may not know this: You might have to pay a fine if you don’t have health insurance.
The fine is $325 per adult ($162.50 per child) or 2% of your household income that’s above the tax filing limit — whichever is more.
But what does that mean? Let’s do a little math.
Let’s say a household contains 2 married adults and has an income of $55,000 per year.
Household income: $55,000
Tax filing limit: $20,600
$55,000 – $20,600 = $34,400 of income is subject to the fine.
2% x $34,400 = $688
This family would pay a $688 fine for not having health insurance.
Let’s say a household contains 2 married adults and 2 children, and has an income $55,000 per year.
$325 x 2 adults = $650
$162.50 x 2 children = $325
$650 + $325 = $975.
This family would pay a $975 fine for not having health insurance.
Not everyone without coverage will have to pay the fine. Read more about exemptions from the fine here.
Find out what financial help you could qualify for today.
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