What Is The Tax Penalty For Not Having Health Insurance Under Obamacare?

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   James E. Tome

   The first year penalty is only $95.00 and will gradually increase. In 2016 the penalty will be adjusted to the CPI or Consumer Price Index. Most people will qualify for a subsidy to pay the monthly premium. Those individuals between 133% & 400% of FPL or Federal Poverty Level. The amount varies by state, in NM for example, if an individual makes less than $45,900 Modified Adjusted Gross Income, & $92,000 for a couple filing jointly, they will qualify for a tax subsidy. The less you make the larger the subsidy. There is catastrophic coverage available for those under 27 years of age. Bronze which pays 60%, with a 40% member coinsurance, Silver 70/30, Gold 80/20, & Platinum 90/10. My company is licensed in several states, feel fee to contact me with additional questions. Or to get qualified through the Health Care Marketplace starting October 1st, 2013. Enrollment runs through December 31st, 2013. Coverage to begin January 1, 2014.

   Answered on August 23, 2013

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