The Affordable Care Act, commonly referred to as Obamacare, established an individual mandate that requires most Americans to acquire and maintain a comprehensive health insurance policy. Since the full implementation of the ACA, health insurance plans have become more accessible and affordable to Americans across the nation.
How Important Is the Obamacare Individual Mandate?
Lawmakers intended for the individual mandate to encourage citizens to enroll in a healthcare plan. Not only does the law provide a set of essential benefits that insurance companies must meet, but it also issues a tax penalty for those who have not enrolled during the Open Enrollment Period, people who’ve experienced a life-changing event may qualify for a Special Enrollment Period.
How the Penalty Is Calculated
- As a percentage or a flat fee
- $695 per adult
- $347.50 per child (under 18)
- Up to $2,085 per family
- 2.5% of your yearly household income
You will pay the higher amount, which often equals the national average premium cost for a bronze-level health insurance plan.
We understand that every situation is unique, and sometimes you can’t calculate certain things with a generic online tool. At HealthMarkets Insurance Agency, we train our licensed professionals to know the ins and outs of the Obamacare individual mandate to help you learn about requirements and eligibilities.
Call us at (800) 360-1402 to meet with one of our local, licensed professionals today!