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What Is the Penalty for No Health Insurance and How to Deal With it

Posted at May 8th, 2018 | Categorised in TIPS AND INFO

What is the penalty for no health insurance can be a good key to understand why you should take health insurance. In fact, some people don’t really understand about it and finally they have to pay the penalty. So, what do you have to do deal to no health insurance and its penalty?

The Penalty for No Health Insurance

When you have to buy health insurance? Actually, it is a must for you to do buy health insurance if you pass annual income tax. Most of employees are registered by their company so there is no problem. It becomes a problem if you don’t have health insurance because it means you should pay the penalty. The amount of penalty you should pay is various and it depends on the year. In 2017 for example, an adult with no health insurance has to pay around $695 and also $347.50 for each child. Luckily, the penalty for no health insurance is not more than $2.085 per family. In different rule, you have to pay around 2.5% from your taxable income to pay the penalty because you don’t have health insurance.

Exemption People with No Health Insurance

Talking about what is the penalty for no health insurance, it means you have to talk about people who don’t have to pay such kind of penalty. It is true that there are some people who are classified on an exemption under the Affordable Care Act or ACA. There are several considerations so you don’t have to pay penalty although you don’t have any health insurance. For example, you don’t have to pay the penalty if the most affordable coverage is only more than 8.13% of your household income. Moreover, there is also a condition that you are uninsured for less than 3 months in that year. If it is so, you don’t need to deal with no health insurance penalty. This penalty is also free for those who have been abroad for more than a year. Some people also qualify for hardship exemption because of specific issues. Those are including bankruptcy, homelessness, or eviction. In such kind of condition, you don’t need to deal with no health insurance penalty. If you think that you are qualified and you think you don’t need to have health insurance and pay the penalty, you may register to the official website, HealthCare.Gov.

The Way to Buy Health Insurance

Of course, it will be better for you to buy health insurance plan and avoid the penalty. It seems a problem for those who work from home. This is because you are not registered by your workplace or your company. You don’t need to worry because you can just go to the official website mentioned above and start to take health insurance plan. You can find the best health insurance plan as well as the best price you can afford. The most important thing, you should check the registration date before signing up.

Hopefully, this article helps you to deal with health insurance. At least, you finally understand about what is penalty for no health insurance and how to solve this kind of issue without adding new problem.

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