What is the penalty for not having health insurance detail information

Is there a tax penalty for not having health insurance

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What is the penalty for not having health insurance detail

Penalties for not having any health insurance, If you are familiar with the concept of health insurance, then you are probably familiar with just how convenient a system it is for a person. After all, it helps provide security to your finances in a manner that is more reliable than anything else. Always you have to think about what is the penalty for not having health insurance and how to maintain it. It is, of course, a choice that one can opt to have for themselves. However, by the year of 2014, a law has been passed that requires everyone to have a health insurance for themselves.

Who Pays?
The law states that if you do not buy any health insurances for yourself or your family, you have to pay a tax penalty for not having health insurance. When you file all the income taxes of the past year, you will have to pay the fine as well.
It is needless to say that the fines imposed were the lowest in the year of 2014. That is pretty understandable since it is the first year the law has been imposed. The fines increase as you move into 2015 and 2106. The government calculates your fines in 2 ways when filing your taxes. You will have to pay the amount which is higher.

What is the penalty for not having health insurance in 2014
In the year of 2014, the calculation was based as follows:

  • $95 for every adult along with $47.5 for every child. However, it will not exceed a total of $285 per each family.
  • Or you will have to pay 1% of your family’s annual income.

What is the penalty for not having health insurance in 2015
In 2015, calculations were something like this:

  • $325 for every adult along with $162.5 for every child as well. The total will not exceed $975 for each family.
  • Or you will have to pay 2% of the total annual income of your family.

The penalty for not having health insurance from 2016 and on wards

  • $695 for every adult along with $347.5 for every child. The total will not exceed $2085 for any family.
  • Or 2.5% of your family’s yearly income.

So this is how a tax penalty for not having health insurance is calculated. If you do not want to pay this extra amount of money, make sure that you buy some health insurance for yourself and your family.
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