Fine For Not Having Health Insurance: Knowing The Truth

For those who live in United States, they probably get the problem related to the cost for health care due to the too much expensive to be paid. Probably, it is not only experienced by people in United States but the others who live in other countries. When talking about the cost for health care, it will close related to the payment for insurance policy. Actually, there are still lots of people who are uninsured with the reasons that they can't pay the cost for the insurance policy. However, fine for not having health insurance is then to be one of most phenomenon topic which is talked by many people recently. Thus, it will be explained several facts about that phenomenon as follow.

Things to know about fine for not having health insurance

Although there are considerable debates surrounding the subject about fine for not having health insurance, there will be no doubt that actually those who don’t have a kind of health insurance will pay higher changes for the hospital treatments. The gaps between charges levied on the individuals paying the hospital bill through insurances and also those are paying privately as well as have been rising steadily for about more than 20 years. Indeed, latest available figure shows that the private patients are paying no less than about two and half times as many as the insured patients on 2004.

The overview of fine for not having health insurance

For those who can afford the health insurance but they tend to not purchase the insurance policy, those have to pay the fee which is called as individuals shared responsibility payments. The payment or fee for this is called as fine, penalty, or individual mandate. The individuals owe for any your spouse, month you, or the tax dependents do not have health insurance which qualify as the minimum essential coverage. For this fine for not having health insurance, you can search about the insurance types which qualify.

The individuals pay the fees as their file of federal tax return for year which they don’t have the coverage. On several fine for not having health insurance cases, they probably qualify for the health coverage exemptions from requirement to own the insurance. If the individuals are qualifying, they will not have to pay the pays. For this, you can learn firstly about the health coverage exemption. In 2016, there is particular fee which should be paid for fine for not having health insurance. Actually, the fees are calculated in two different ways as the percentage of the household income and also per person.

For the percentage of income, it is 2.5% of the household income. For the maximum payment of this fine for not having health insurance, the total yearly premium for national average prices of the bronze plan sold through marketplace. For per person payment related to the fine for not having health insurance cost, it is variously. You have to pay about $695 per adult and $347.50 per child under 18. For the maximum payment is about $2,085.

For paying the fine for not having health insurance fee, it uses percentage methods only part of the household income which is above yearly tax that is filing the threshold $10,150 for the individuals and $20,300 for the couples filing jointly on 2014 as well as most recent years available is counted. When the fee of fine for not having health insurance must be paid by using per person method, the individuals must pay only for the people on the household that don’t have the insurances coverage.

For those who have the coverage for parts of year, the fee for fine for not having health insurance is about 1/12 of annual amount for each month you or the tax dependents don’t have coverage. For those who are uncovered only one or two months, you must not pay the fees at all. You have to pay the fees as you file the federal tax return for year you do not have the coverage.

For the fees on previous years or 2015, the fee for fine for not having health insurance is about 2% of the household income. As it is calculated for per person, you have to pay $325 per adult and $162.50 per child under 18 years old and for maximum is about $975. O 2014, the penalty is about 1% of the household income. As it is calculated for per person, the individuals must pay $95 per adult and $47.50 per child under 18 years old. For those who are unemployed, your payment will still depend on the household income. If the insurances are unaffordable to the individuals based on their income, the probably qualify for the exemption from the fees. Others exemption are according to the low income too.

Mostly, people must have the qualifying health coverage or pay the fees for months they do not have the insurances. Yet, for those who qualify for the health coverage exemptions they don’t need to have the health insurance or pay the fees. In the term of fine for not having health insurance, there are several things that you have to know about the health coverage exemptions.

Actually, the exemptions are available according to the number of the circumstances that include the certain hardships, several life events, financial status or health coverage, and also membership on several groups. The individuals claim several health coverage exemptions on the federal tax returns. Others you can apply for with the paper application. By means of fine for not having health insurance, the individuals don’t have to pay fee for any month that they are covered by the plan which qualifies as the minimum essential coverage. If the individuals are uncovered only one or two months, the individuals must not have to pay any kind of fee for any month.

To sum up, as you know that there is fine for not having health insurance, it will be better if you register yourself and your family to the insurance companies. In fact, the prices for the insurance policy are available in a range from the cheapest to the expensive one. All you need to do is finding the one which is suitable with your need.