The Affordable Care Act
[vc_row type=”in_container” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ width=”1/1″][vc_column_text]As of 2014, most every person is required to have health insurance. The fee for not having health coverage is calculated one of 2 ways. If you or your dependents don’t have insurance that qualifies as minimum essential coverage, you’ll pay either a percentage of your household income or a flat fee — whichever is higher.
The Penalty in 2017 and 2018
If you don’t have coverage in 2017, you’ll pay the higher of these two amounts:
2.5% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.)
- $695 per adult for the year ($347.50 per child under 18).The maximum penalty per family using this method is $2085. The penalty for 2018 hasn’t been established as of yet.
Learn more about the individual shared responsibility payment from the Internal Revenue Service.[/vc_column_text][/vc_column][/vc_row]