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.