What Is The Penalty For Not Having Health Insurance ?

What Is The Penalty For Not Having Health Insurance The Wall HUt review
Insurances

What Is The Penalty For Not Having Health Insurance?

Health insurance is one important thing any people should have. But then, what is the penalty for not having health insurance? If you are included in the people who do not have it as well, it is very important for you to read all information in this article.

What is the penalty for not having health insurance called?

If a person is having the capability of affording health insurance but chooses not to buy it, it means that there will be some penalty. What is the penalty for not having health insurance called? It often called as individual shared responsibility payment. In other occasions, people also often call the fee as individual mandate, penalty, and even fine.

You will be charged for the fee in any month both you and your spouse do not have qualifying health coverage. However, there are also possibilities that you do not need to pay the fee. You can learn more of this topic under the health coverage exemptions.

What is the penalty for not having health insurance? How to calculate it?

There are two different ways of calculating the penalty.

The first one is by the percentage of the income. It calculated 2.5% from the household income. The maximum charge calculated from this way is total annual premium for the national average price of Bronze plan. The one sold through the Marketplace. This method also means that you will only need to pay the part of your household income in one condition; the charge counted is the amount which is above the annual tax filling requirement.

The second way is by per person. For adult, they need to pay the fee as much as $695 for each. Meanwhile, for every child under 18, the amount of fee need to pay is as many as $347.50. In the total, the maximum fee can reach $2,085. For this method, when one of your families already has health insurance, you do not need to pay the penalty for him or her. In other words, you only need to pay the penalty for them who do not have insurance coverage.

What Is The Penalty For Not Having Health Insurance

Should an unemployed pay the penalty as well?

Now the question is whether unemployed also need to pay the exact same amount or not. It actually depends on the amount of household income he or she has. If in one case the insurance is not affordable based on the income, there is high chance that he or she will have high chance of getting  exemption from the fee.

A tool to help estimating the fee

If you think that following the explanation of the two methods to pay the penalty is not easy to determine the exact amount, there is a simple tool to help you. It is called as the IRS tool. By using this tool, estimating the individual responsibility payment you need to pay will be a piece of cake. We hope this last bit of information will help you understand more on knowing what is the penalty for not having health insurance.

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Good To Go Car Insurance
Insurances
All You Need to Know about Good To Go Car Insurance

Good To Go Car Insurance or also well-known as Good2Go Auto Insurance is one of the most prominent auto insurance companies in the USA. As we all know, car insurance is mandatory for car owners. If you have a car but you do not protect the car with car insurance, …

Penalty For No Health Insurance
Insurances
Penalty For No Health Insurance? Read This Information

Having a health insurance is a thing which every one wants to have. Why? Because it can be considered as a preventive action for some thing which comes in the future. Because of it, it can lighten our burden. However, there are some people who do not buy a health …

Penalty For Not Having Health Insurance
Insurances
Penalty For Not Having Health Insurance

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 …