Health Insurance Coverage: Six Reasons You Will Not Pay A Penalty

Obamacare Penalty Questions

 

 

 

 

The Individual Mandate is a frequent, and often heated topic of conversation.  Many people are concerned about the financial impact of federally mandated health care coverage.  One area of confusion is who must pay a penalty for being uninsured, beginning in 2014.  Will you? Read below to see if any of the following apply:

NO, you will not pay a penalty if you are uninsured and you are:
 

  1. a member of a religion that opposes accepting health insurance policy,
  2. an undocumented immigrant,
  3. incarcerated,
  4. a member of an Indian tribe,
  5. your income is below the tax return filing threshold, or if you have to pay more than 8% of your income for health insurance, after taking into account any employer contributions or tax credits.
  6. Additionally, you will not pay a penalty if you are insured for the whole year through a combination of any of the following:
  • Medicare, Medicaid or the Children’s Health Insurance Program (CHIP), TRICARE (for service members, retirees, and their families).
  • The veteran’s health program.
  • A plan offered by an employer.
  • Insurance bought on your own that is at least at the Bronze level.
  • A grandfathered health plan in existence before the health reform law was enacted.

If none of the above describes your situation, then YES, you will be subject to a penalty.  How much? In 2014, the penalty is $95 per adult and $47.50 per child (up to $285 for a family) or 1.0% of family income, whichever is greater.

 

Source: downloadble KFF.org summary

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