Tag Archives: penalty

There is still a penalty for not having insurance…

Just a reminder that, while recent legislation did eliminate the penalty, it does not take affect until 2019.

Employer penalties in 2018 are at elast $2320 after the first tirty employees.

The individual Penalty is

  • $695 for each adult and $347.50 for each child, up to $2,085 per family, or
  • 2.5% of family income above the federal tax filing threshold, which the Kaiser Foundation calculator estimates is $10,650 for an average single filer

or $21,300 for the average family who file jointly in 2018

Coverage might be cheaper than the penalty in 2016

image: http://media.philly.com/designimages/partnerIcon-Phillycom-2014.jpg

Are you among the shrinking number of Americans without health insurance? If so, you could face a hefty penalty in 2016. The cost of going without coverage is $695 or 2.5% of your income, whichever is greater. It will be added to the amount you owe in federal income tax when you file your return for the year.

That’s a lot of money to pay when you get nothing in return. Many people choose to accept the penalty because they think it’s cheaper than the cost of coverage. But a lot of them may be wrong.

Read more at http://www.philly.com/philly/blogs/health-cents/Uninsured-in-2016-Coverage-might-be-cheaper-than-the-penalty.html#bqFUoulEt3ge9wKA.99

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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