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penalty - InTheKnow

Posted: Jun 14th, 2016 - 8:53 am In Reply to: Unfortunately, we dont take the insurance or have any, - we are penalized a huge sum SM

Nobody will have a penalty of 5,000 dollars for not paying for insurance. The penalty increases per year, but it is minimal compared to a year's worth of premium payments.

You could have a lot of medical expenses if you run into catastrophic medical costs that would be over your deductible amount. If you do not use your insurance throughout the year for anything but basic routine care, then you can save by not having insurance coverage and negotiating with your doctors and other medical facilities for their services.

From healthcare.gov - "The fee is increasing for 2016. For 2015, the penalty for no health insurance is $325 per person or 2% of your annual household income – whichever is higher. For 2016, the fee is $695 or 2.5% of your income — whichever is higher."

Also, "For some people, exemptions from the fee are available. People with very low incomes and those who meet other specific conditions can get an exemption from the requirement to have health insurance and won’t have to pay the fee."

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