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Understanding the 2016 Uninsured Festival


published to December 11, 2015

Did you know that it’s legal to have health insurance when you can afford it? If you can afford health insurance but choose not to purchase it in 2016, you may need to: pay the fee — Sometimes called a “penalty,” “fine,” or “personal mandate” — when filing your 2016 federal income tax return.

The Good News Is Affordable Coverage Through Health Insurance Marketplaces® Available. After financial assistance, 7 out of 10 people can find a plan with a premium of less than $75 per month. If you register by December 15, 2015, your coverage will begin on January 1, 2016.

Want to see available plans and prices before signing up?You can do it Click here for a preview of 2016 plans and pricing — You might be surprised to learn how affordable health insurance can be.

Breakdown: Fee

Here are five quick facts about what it costs if you don’t have health insurance when you can afford it.

  1. Fees are calculated in one or two ways, depending on the situation. This is either a percentage of annual household income or an amount set for each person in a household who does not have health insurance. If you have access to affordable coverage but have not had insurance for three months or more when you file your federal income tax return, you will be required to pay the higher amount.learn how Estimate the fees you need to pay If you do not have health insurance based on your situation.
  2. Prices have increased since 2016. In 2015, the fine for not having health insurance was $325 per person or 2% of annual household income, whichever was higher. For 2016, the fee is $695 or 2.5% of his income, whichever is higher. For many people, this is more than the annual cost of medical insurance that can be found on HealthCare.gov.
  3. Every month without coverage is counted. Fees are calculated based on the number of months that you and your household do not use. The more months you don’t use your health insurance, the higher the fee will be, up to a cap. (However, if the service is used continuously for only 1-2 months, no charges will be incurred.)
  4. Some people may be exempt from fees. People with very low incomes or who meet certain other conditions are exempt from the health insurance requirement and do not have to pay premiums. Click here for detailsWhen Check if you are eligible.
  5. To avoid charges, you must enroll in the 2016 plan by January 31st. The final deadline for enrollment for 2016 is January 31st. 2016 will not offer a special registration period around the April 15 tax filing deadline. If you don’t register by then, you may have to wait another year to get it. You may have to pay a fee when filing your 2016 income tax return.

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