What is The Penalty for Not Having Health Insurance?
Starting in 2014 when you file your taxes you will be required to report whether you had health insurance. Health insurance includes, group plans, individual plans, Medicaid, and Medicare. If you do not have health care coverage you can face a tax penalty, which will affect your tax return or the amount you owe. In 2014 the penalty will be $95 or 1% of your taxable earnings whichever is larger. This can be very hard on lower income families or individuals.
In 2015 this penalty increases to $ 325 or 2% and $695 or 2.5% in 2016. So far the government has only released the first 3 years of penalties but it is assumed the penalty will increase each year. We can provide answers to all of the questions one may have regarding the penalties. The idea is that it will be more beneficial for individuals to obtain health insurance and have proper coverage rather then not be in compliance with the new law. It will eventually become a heavy burden to families if they chose to not carry health insurance.
The penalties will be accessed each year as individuals complete their taxes so there will not be a way to simply not pay, the government will be sure to collect the penalty and the Internal Revenue Services have the right to charge interest if individuals chose to not file taxes in avoidance of paying the penalty. To see all of the options available simply call 702-579-2250 to speak to a certified agent.