IRS: Uninsured face fine of nearly $2,500.00

quote:

---

The Internal Revenue Service said Thursday individuals who fail to get health insurance this year will be fined a maximum of $2,448 and families with five or more members can be fined up to $12,240. Under the Affordable Care Act’s individual mandate, people are either required to obtain health insurance or risk a tax penalty from the IRS. People who don’t buy health insurance plans that meet the ACA’s minimum standards are fined 1 percent of their annual household income if they make more than $19,650. However if they make less, they are fined a flat rate of $95 annually or are not fined if they make less than $10,150. The IRS released documents Thursday using the Bronze level plans to calculate how much individuals should be fined. Insurance plans under the Bronze level meet the minimum requirements to comply with ObamaCare While they have the lowest premium rates, they also have the highest out-of-pocket costs on the healthcare exchanges. Under Bronze level plans, insurance companies are required to cover 60 percent of an individuals healthcare costs while the individual covers the remaining 40 percent. The IRS calculates the national monthly average premium for Bronze level plans available through the healthcare exchanges this year is $204 per person. Therefore, people who did not buy health insurance could be fined up to that amount for every month they lacked insurance, which comes to $2,448 dollars over the course of one year. A similar calculation by the agency determined the national monthly average premium for such plans is $1,020 for families of five or more people.

---