Individual Mandate

Individual Mandate: Effective January 1st, 2014 

When filing taxes each year, individual must prove they have essential minimum coverage or face a penalty.  Penalties will be phased in with the full penalty being assessed in 2016.  Fines will be adjusted annually for inflation in the future.  See the below information on fine amounts….

 

 

Fines for No Coverage

2014

The Greater of….

  • $695.00 per Adult and $347.50 per Child up to a Max of $2,085 per familyor
  • 2.5% of Family Income

Fine is prorated for any month you don’t have coverage.  Having coverage for one day of the month counts as having coverage for the entire month.

 

2015

The Greater of….

  • $325.00 per Adult and $162.50 per Child up to a Max of $975 per familyor
  • 2% of Family Income

Fine is prorated for any month you don’t have coverage.  Having coverage for one day of the month counts as having coverage for the entire month.


 

2016 & Beyond

The Greater of….

  • $695.00 per Adult and $347.50 per Child up to a Max of $2,085 per familyor
  • 2.5% of Family Income

Fine is prorated for any month you don’t have coverage.  Having coverage for one day of the month counts as having coverage for the entire month.

 

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About Optimized Benefits

Optimized Benefits is a Boutique Firm dedicated to providing smart solutions to the small and mid-sized business owners and their Employee Benefits plans
we have a focus on Retirement (401K) and Group Health plans

Contact Us

55 W Wacker Dr 14th Floor
Chicago IL 60601

312 263 1590 X 101

Gene@optbenefits.com

Check out the background of this investment professional on FINRA’s BrokerCheck: http://brokercheck.FINRA.org