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
2 Responses
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
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