The ACA individual mandate tax penalty for no health coverage was much larger for 2016. If you can afford health insurance but choose not to buy it in 2016, you must pay a fee or have a health coverage exemption. The uninsured could pay at least $695 per person when filing their 2016 Federal Income Tax (FIT) for not having qualified health coverage. This more than doubled from the penalty tax for the 2015 tax year which is $325 per person or 2% of your yearly household income.
AMERICAN INSURANCE has Exchange / Marketplace Certified Health Agents that can help by providing you with the best value options for your family! You may find that you will have lower costs if you qualify for premium tax credits. Certified Health Agents Dave Root, Mike Everett and Tim Gleason can help Idaho and Washington residents find the coverage they need to avoid paying a penalty for 2016.
PENALTY EXPLAINED. How much of a fine are you facing if you opt out of health care coverage?
Your 2016 tax is the greater of either:
For example: For 2016 FIT, an individual earning less than $37,000 would pay just $695 (flat-dollar calculation) while an individual earning $200,000 would pay about $4,750. The penalty for a family of four with total income earned of $60,000 would be $2,085.
The tax penalty will be inflation adjusted for future tax years of 2017 and beyond.
Washington and Idaho residents are invited to contact our Exchange Certified Health Agents, Dave Root or Tim Gleason, online here or by calling 208-746-9646 to discuss your health care options at any time.
Source: HealthCare.gov, Fee & Exemptions
The content of FAQ articles are general in nature and are not intended as a substitute for professional legal, financial, or insurance counsel for individuals. Insurance coverage forms vary by issuing company and by state. For specific advice contact us.
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