Will I Have To Pay A Fine For Not Having Health Insurance?

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   Shane Burt

   President/Senior Insurance Exec., Mid-American Insurance Associates, Olathe, KS

   In essence, yes you will. But, it is called a tax penalty, not a fine. Starting Jan. 1st, 2014 if you elect not to purchase a qualified health insurance plan(minimum 60% coverage or what's called a bronze plan), you will have to pay a flat tax penalty of $95 for each uninsured adult and half that for children, up to 3 times the single fee or $285(increasing to $325 per adult in 2015 and $695 per adult in 2016, and adjusted to inflation and cpi after that); or 1%(2% in 2015 and 2.5% in 2016) of your income above the filing threshold, up to a certain percentage(depends on your income bracket) of your total income, WHICHEVER IS GREATER! Now, of course there will be some exemptions from having to pay the tax... If you are incarcerated, have religious exemption, not a legal US citizen, or receive welfare and the insurance premium will exceed 8% of your income. Plus, there will be some leniency for not having coverage if switching jobs or moving out of your insurers network, and you need some time to find new coverage; which is expected to be a 90 day grace period. But, beyond that you will be penalized for any month you do not have a qualified health insurance plan in place. So, if you go one day over the 90 day grace period, you would be fined for one month(whichever of the greater calculations, divided by 12 months).

   Answered on May 28, 2013

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