Obamacare Fines - What You'll Pay

The Obamacare Individual Mandate requires all US Citizens who do not qualify for an exemption to carry minimum essential health coverage starting in 2014. This fee is determined in one of two ways. If you or members of your household do not carry health insurance coverage, you will either pay a percentage of your household income, or the flat fee imposed for the year, whichever is higher.

What is the Fine for 2014?

If you don't have coverage in 2014, you’ll pay one of these amounts when you file your Federal tax return for 2014

--1% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan.

--$95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285.

Obamacare Fines for 2015

If you fail to obtain health coverage in 2015, you will pay the HIGHER of these two amounts:

-->2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan.

-->$325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975.

Obamacare Penalty & Fees Going Forward

The obamacare penalty increases every year. In 2016 it’s 2.5% of income or $695 per person. Every year after that, the percentage and flat fee are adjusted for inflation.

Start by entering your zip code below and we can help make sure you're setup and covered and avoiding any of the fines or fees imposed by Obamacare. Or give us a call and a health insurance specialist will walk you through your options.