Cost of Health Insurance Affordable Care Act
What will it cost if I don't get health insurance under the Affordable Care Act?
Worcester County Maryland
The Affordable Care Act has an individual mandate, so that means after January 1, 2014, all Americans will be required to purchase health insurance. If you do not have a health insurance plan, then you will be required to pay an additional tax that will tracked along with income tax filing. In 2014, that tax will be $95 per adult and half that ($47.50 per dependent child) up to $285 per family 1% of an individual's income, whichever is greater. The additional tax for those not obtaining insurance will increase in 2015 and again in 2016 to reach almost $700 per adult/ almost $350 per child/ and an upper limit of just over $2,000 or 2.5% of taxable income. See a table showing the planned increases here.
Those who may not be required to purchase insurance include:
- Individuals who have religious objections
- American Indians
- Individuals who have been uninsured for 3 months or less
- Undocumented immigrants
- Incarcerated individuals
- Individuals for whom the lowest-cost health plan would exceed 8% of their income
- Individuals with income below the tax-filing threshold
Thank you for your question for eXtension. Please consider contacting the Cooperative Extension office closest to you. Simply go to http://www.extension.org, drop in your zip code and choose the office that is most convenient for you.