The Fine For No Health Insurance, How Much?
Are you a person who has no health insurance? If the answer is yes, this may be very useful for you. As we know, most people in this world buy a health insurance to get an assist when they have a problem with health in the future. But, some people have no health insurance. Again, if you don’t have any health insurance, there is a thing that you have to know. What is it? There is a possibility that you must pay a tax penalty which has been determined by the government. So, there is a Fine For No Health Insurance which will make you think twice to get one.
The Fine For No Health Insurance
As been described before, you will face a problem with payment. Yup, there is a tax penalty – or Fine – which will be waiting for you if you have no health insurance. In this case, the cost which you must pay is considered to be higher than purchasing a health insurance. So, it is very bad if you have to pay the Fine For No Health Insurance. However, it doesn’t mean that you will be demanded to pay suddenly. Here, there is a certain time which has been determined as the standard – which is more than three months.
We have an example which can be shared with you. For instance, you have no any health insurance for two months. Then, a month after having no coverage, you purchase a health insurance. Here, you will not be asked to pay the Fine. Yup, you can’t exceed the time which has been determined – which is three months. On the other hand, there is a thing which gives you a nice benefit. What is it? You will not be charged even though you have a day of health insurance within a month.
How about the cost of Fine For No Health Insurance?
In common, there are two methods which will be used to calculate the cost of Fine which you need to pay. Here, the first method uses the percentage of your total household which looks at the adjusted gross income. Another method which is also used to calculate the Fine is the flat rate method. But, to make this thing clear, the method which is usually chosen is the method which has higher cost. So, if the first method is higher than the second method, the first will be definitely chosen. In addition, the inflation rate also affects the cost.
In this year, the Fine which you must pay is 2.5% from your total household. Again, it will be adjusted gross income. For the exact cost, as much as $695 will be the cost which must be paid for an adult. On the other hand, $347.5 is the cost which must be paid for a child – which is under 18. The maximum cost which is usually paid is around $2085. Here, you have to know that what costs we give above are the cost in this year. Besides, the costs of Fine For No Health Insurance can be increased in the next year.