A date registration key limit for health insurance beginning on 1 January st quickly came and went. Yet many uninsured Americans have no idea whether or not they need to register. While you will not be penalized if, for not having health insurance on January 1st st , you could face a fine if you fail to register before March 31, 2014. almost everyone can afford a health insurance plan is required by law to purchase a plan before that date.
The Consequence
right now, if you can afford insurance but choose not to obtain health coverage, you will probably be subject to a fine of $ 95 per person in your household or 1% of household income, whichever is greater. Only people who have difficulty exemptions are not required to purchase a plan. It is also important to note that if you choose to pay the tax penalty instead of buying a plan, you will be responsible for the full cost of your medical care.
Brace Increases
on 1 April, when penalties begin, they will start small and grow on a scale on several levels until 2016.
2014:
Families - $ 285 or 1% of total household income, whichever is greater
individual adults - $ 95 or 1% of household income
2015: ..
Families -. $ 975 or 2% of income, whichever is greater
2016: ..
Families - $ 2,085 or 2.5% of revenues, whichever is greater
individual adults - $ 695 or 2.5% of revenue
the penalty tax increase with inflation following (rounded to $ 50). In 2023, he hit a projected $ 800. And the percentage of the penalty income also increases 2 percent in 2015 and 2.5 percent next.
Do not Delay
There are only a few months left until the March 31 st deadline of registration. Although there is still time to weigh your options, do not miss the deadline because once open ends, you'll have to wait until the registration period of the year next to buy a plan. Only those with a qualifying life event are allowed to buy a plane outside of open enrollment.
To compare your Medicare options, visit GoHealth market.
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