Penalty For Not Having Healthcare Is Going To Skyrocket In 2016
Let’s say you are a family of four, whose taxable income is $50,000.00. Let’s add in the fact that we are living in a recovered economy.
You know, the one. One with the lowest unemployment rate in a decade. One not suffering inflation by the simple fact that food is not taken into the equation. That economy.
Let’s also say, that as a family of four barely scraping by on that salary, you are unable to afford health insurance for you or your family. If you were lucky enough to keep your full-time job, there’s a chance the company chose to pay the penalty.
Better yet, you are not in the unemployment calculations because you have 2-3 part-time jobs that have no benefit plans, because, you are chasing your “dream” (remember Nancy Pelosi?).
Courtesy of Justice Roberts swing vote decision, you HAVE to buy health insurance or pay a fine.
Come next year, the penalty for not having health insurance will be the higher of two fine options ON TOP OF your income taxes;
- 5% of your income (up from 2.0% for 2015, and 1% in 2015), for each member of your household. So, on a 50K salary, as a family of four, 2.5% is $1,250.00. Multiply this by four (4), and you will be paying $5,000, or 10% of your income to the U.S. Let’s bump it up to 100K. The fine is $2,500 per family member, times 4 and you get 10%. Funny how that keeps working out. More kids? Bigger fine.
- The other is $695.00/person and $347.50/child (gotta get that 50-cents), for a maximum penalty of $2,085.00 per family (up from $975/family in 2015, and $95/family in 2014).
Remember-the HIGHER of the two fines. Which category do you fall into?