Many Americans learned about the Obamacare health insurance penalty when filing their 2014 taxes. Although there was an enrollment extension that year, there are no signs of another extension. For people who still have not enrolled in health insurance, the penalty is only growing.
Tax Penalties for 2016 and Beyond
The Obamacare health insurance penalty has increased over time. For 2015, the fine was $325 per adult or 2% of a person’s income, whichever was higher. For 2016, the penalty is 2.5% of a person’s income amount or $695 per adult, whichever is higher. After 2016, the penalty’s percentage rate will remain the same (2.5%), but the flat rate will increase with inflation.
Don’t wait to enroll in a health insurance plan because you think the penalty is going away. Obamacare is still in effect. Even if healthcare laws change in the coming year, the penalty isn’t going away before you’ll have to file your 2016 taxes. To avoid the penalty for 2017, make sure to enroll in a health insurance plan by December 15, 2016, for coverage to start on January 1, 2017.
Finding the Right Insurance Company Easily and Effectively
Finding the right health insurance company usually starts with finding the cost of coverage. For those trying to find the most affordable insurance company at the lowest cost, it’s important to check your subsidy eligibility. There are subsidies available for low-income and middle-income Americans. These subsidies help to cover the costs of premiums, which can save someone a substantial amount of money per month. In addition, HealthMarkets provides a portfolio of more than 200 insurance companies and thousands of licensed agents nationwide to meet your health insurance policy needs.
With the help of our licensed agents, those who face a penalty can find an affordable health insurance policy easily and effectively, avoiding next year’s increasing penalty. With so many insurance companies to shop from, people can choose a policy with affordable premiums and coverage according to their individual needs.
The Obamacare health insurance penalty can be avoided. Let HealthMarkets help. We provide quotes around the clock online and over the phone at (800) 360-1402. There are also local agents available to meet you in person.