What is the penalty for individuals who do not obtain health insurance coverage?
Beginning in 2014, individuals will be required to maintain a minimum level of essential coverage. Failure to maintain this monthly minimum level of coverage will result in penalties. The monthly penalty is 1/12th of the greater of: • 2014 – $95 per uninsured person or 1% of household income over the filing threshold, • 2015 – $325 per uninsured person or 2% of household income over the filing threshold, and • 2016 – $695 per uninsured person or 2.5% of household income over the filing threshold. • After 2016 – the penalty will be increased annually based upon the cost of living Exceptions to the individual mandate include: financial hardship; religious objections; American Indians; individuals having less than three months of coverage; incarcerated individuals; undocumented immigrants; individuals who cannot afford coverage (required contributions toward coverage exceed 8 percent of household income); and taxpayers with income below the tax filing threshold.
Related Questions
- How does the legislation help those who are uninsured and have been unable to obtain health insurance coverage because of their health or because of affordability?
- If an employer has 75 full-time employees, and 30 obtain coverage elsewhere, will the employer still be required to provide health insurance coverage?
- What is the penalty for employers who do not provide health insurance coverage?
