Understanding the Penalty for Not Having Health Insurance
There is indeed a penalty for not having health insurance. We all know that health insurance is one of the most essential insurances that a person should have. Without health insurance, it will be difficult for someone to get proper medical treatment if he or she gets sick. Since the hospital expenses are very high these days and sicknesses and diseases are getting worse and worse, it seems a little bit stupid to ignore the health insurance. That is why in most of the states in the USA, health insurance is mandatory by law. If you do not have any health insurance protecting yourself, you surely will face difficulty to get decent treatment when you sick and also you will have to endure the penalty for not having health insurance. Below is more information about the penalty for you.
Who Has to Pay the Penalty for Not Having Health Insurance?
If you does not have any health insurance, of course it is you who have to endure the risk and the penalty. There are a lot of disadvantages of not buying health insurance. If you think that by not buying health insurance you can save some money, you are completely wrong. On the contrary, by not having health insurance, you will lose money. It is great amount of money that you will have to pay as the penalty for ignoring the law and refuse to have health insurance. The penalty will have to be paid by you when you file your annual income taxes. So, beside of having to pay the annual income taxes, you will have to pay the penalty as well which can cause the amount of money that you have to pay becomes twice as before.
How Much the Penalty for Not Having Health Insurance?
The amount of money that you have to pay as the penalty for not having an insurance protecting your health is quite vary from one state to another. However, they are all not cheap at all. The average penalty for adults who do not have the insurance is around $695 per year. As for children, if their parents are too ignorant and do not give them health insurance, their parents or guardians will have to pay $347.50 for each children. Some states have the law to punish those who do not have health insurance by giving penalty all together for a family. Each family with no members in it with health insurance protection will have to pay $2,085 per family per year.
Considering that health insurance is really important, it is wise to have to one. Rumor has it that in 2018, the tax income will be greater and so will the penalty for not having the insurance be. That is why if you do not want to lose huge amount of money just to pay the penalty, it is better for you to allocate the money to buy health insurance. Do not let yourself and your family endures the penalty for not having health insurance.