29 Mar Triage Taxes: The fee for not having health insurance

If you can afford health insurance and have chosen not to buy it, you will pay a fee when you file your federal tax return for the year you chose not to have coverage.  Called an individual shared responsibility payment, the fee is sometimes called the “penalty,” “fine,” or “individual mandate.”

You will owe the fee for any month you, your spouse, or your tax dependents don’t have health insurance that qualifies as minimum essential coverage— unless you qualify for an exemption

Learn about health coverage exemptions.

The fee for not having coverage in 2015:

The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.

 2% of household income/ Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

OR

$325 per adult, $162.50 per child under 18/Maximum: $975

The fee for not having coverage in 2016 is the higher of these:

2.5% of household income/Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

OR

 $695 per adult, $347.50 per child under 18/Maximum: $2,085

Learn more about estimating and paying the fee.

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