2016 Penalty for No Health Insurance
If you can afford coverage but were unable to, or you chose not to obtain health insurance during open enrollment in Wilmington NC by January 31, 2016, then you can expect to be penalized in accordance with the Affordable Care Act. This guide will help you understand the penalty system and what you can expect to pay when filing your 2016 tax returns.
The Fees are Higher in 2016
In 2016, uninsured Americans can expect to pay substantially higher penalty fees, often called “individual mandates,” than those issued in 2015. This year, uninsured individuals will have to pay maximum individual mandates of $695 per person or 2.5% of their total annual household income (whichever is higher), compared to just $325 per person or 2% of the total annual household income in 2015. The increase means that many people will be fined more than the annual cost of some health care policies currently available in the marketplace.
How the Fees are Calculated
Penalty fees are calculated one of two ways, depending on your situation. The amount owed will be either a percentage of your annual household income or a set amount for each uninsured person in your household.
If you were uninsured for more than three months despite having access to affordable coverage when you file your federal income taxes, you will be required to pay whichever amount is higher. The fee is calculated on a progressive scale based on the number of months you and your household went without health insurance coverage. The more months you go without health coverage, the higher your fee will be, up to the maximum. If, on the other hand, you were uninsured for fewer than three consecutive months but insured for the remainder of the year, then you don’t have to pay a fee at all.
Exemptions From the Fees
Depending on your situation, you may be exempt from being charged a fee. For instance, if you earn a very low income or you meet other specific conditions (certain hardships, some life events, health coverage or financial status, and/or membership in some groups), you may be eligible for an exemption from the requirement to have health insurance, thus relieving you of the responsibility of paying the fee.
Sign Up for Coverage by Jan. 31 and Avoid Being Charged a Fee
Time is moving fast, but you still have time to get insured and avoid a costly penalty fee. Schnitzer-Slate can help you find the right policy for your needs during our open enrollment in Wilmington NC. We offer a wide selection of BCBSNC health insurance plans to choose from, many of which are priced much lower than the actual penalty fee you’ll be facing should you not opt for coverage.
Call us today at 910-392-7020 and one of our agents will help you choose the right policy for your needs and budget before the January 31 deadline. Or, just visit our website at http://healthplannc.com/ to learn more about affordable BCBSNC health insurance in Wilmington NC.
The Fees are Higher in 2016
In 2016, uninsured Americans can expect to pay substantially higher penalty fees, often called “individual mandates,” than those issued in 2015. This year, uninsured individuals will have to pay maximum individual mandates of $695 per person or 2.5% of their total annual household income (whichever is higher), compared to just $325 per person or 2% of the total annual household income in 2015. The increase means that many people will be fined more than the annual cost of some health care policies currently available in the marketplace.
How the Fees are Calculated
Penalty fees are calculated one of two ways, depending on your situation. The amount owed will be either a percentage of your annual household income or a set amount for each uninsured person in your household.
If you were uninsured for more than three months despite having access to affordable coverage when you file your federal income taxes, you will be required to pay whichever amount is higher. The fee is calculated on a progressive scale based on the number of months you and your household went without health insurance coverage. The more months you go without health coverage, the higher your fee will be, up to the maximum. If, on the other hand, you were uninsured for fewer than three consecutive months but insured for the remainder of the year, then you don’t have to pay a fee at all.
Exemptions From the Fees
Depending on your situation, you may be exempt from being charged a fee. For instance, if you earn a very low income or you meet other specific conditions (certain hardships, some life events, health coverage or financial status, and/or membership in some groups), you may be eligible for an exemption from the requirement to have health insurance, thus relieving you of the responsibility of paying the fee.
Sign Up for Coverage by Jan. 31 and Avoid Being Charged a Fee
Time is moving fast, but you still have time to get insured and avoid a costly penalty fee. Schnitzer-Slate can help you find the right policy for your needs during our open enrollment in Wilmington NC. We offer a wide selection of BCBSNC health insurance plans to choose from, many of which are priced much lower than the actual penalty fee you’ll be facing should you not opt for coverage.
Call us today at 910-392-7020 and one of our agents will help you choose the right policy for your needs and budget before the January 31 deadline. Or, just visit our website at http://healthplannc.com/ to learn more about affordable BCBSNC health insurance in Wilmington NC.