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Discussion

2015 Taxes

Has anyone seen what the penalty is for not having insurance?

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    The penalty for not having health insurance, at least for 2014, is up to $95 per adult and $47.50 per child or 1 percent of your taxable income — whichever is greater.

    It does go up substantially in a couple of years. The amount you owe will be pro-rated to reflect the number of months you were without coverage. If you owe the penalty, it is assessed on your 2014 income tax form that's due April 15, 2015. And that's how the government finds you — it asks on your income tax form if you had health insurance.

    People who have it will get some sort of certificate of coverage from their health insurers.

    If your income is so low that you do not file a tax return, you are exempt from paying the penalty.

    FAQ: Understanding The Health Insurance Mandate And Penalties For Going Uninsured : NPR

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    For 2015 it's $325 or 2% of your income up to the maximum which is equal to the national average for a bronze plan (about $2500/person), whichever amount is greater. For the first few years of the penalty, the penalty isn't much of an incentive to buy basic insurance since it's cheaper than buying insurance. But eventually the penalty will be such that it makes more sense to buy basic insurance.

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    Isn't there a clause that if you are able to show "proof of hardship" that you will be exempt? If that's so I'd just let my power bill ride each month until the power company sent me a letter threatening to cut me off. "I can't even pay my light bill you expect me to be able to afford you're stupidly priced health insurance????" :specs:

  • Quote
    Isn't there a clause that if you are able to show "proof of hardship" that you will be exempt? If that's so I'd just let my power bill ride each month until the power company sent me a letter threatening to cut me off. "I can't even pay my light bill you expect me to be able to afford you're stupidly priced health insurance????" :specs:

    Do you qualify for a subsidy?

    Do you qualify for Medicaid?

    Don't blame us for health insurance costs and premiums. The health insurance companies are doing very well financially, don't you think? You don't suppose that has anything to do with how much they charge vs. how much they spend on our actual care do you?

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