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Affordable Health Care Act: Get help paying for health coverage
Individuals earning between $15,302 and $46, 021 can qualify for a discount, as can families earning between $31,155 and $93,700. Subsidies are available up to 400% of the poverty line for individuals and families on a sliding scale based on income. Kaiser Family Foundation has a calculator where you can see if you will be eligible for health care subsidies based on family size, age, etc.
A basic overview of the Obamacare / Affordable Care Act:
What happens if I choose to go without health coverage?
The penalties for not having health coverage in 2014 will be $95 or 1% of a person’s income, whichever is greater. By 2016, the penalty rises to $695 per person or 2.5% of income. For families, the tax will be $285 in 2014. By 2016, that family penalty will rise to $2,085 or 2.5% of income.
The penalty will be collected by the IRS from your tax return. Penalties only apply if you are not covered through work and you do not buy a policy on your own; if you have Medicare, Medicaid, or any other government-affiliated health service; and if you would have to spend more than 8% of your household income to get coverage.
You may be exempt from paying a penalty. To figure that out, see the Turbo Tax Health Exemption Check.
NEXT UP: What will happen to you if you’re on Medicare?
This post was last modified on March 23, 2017 4:33 pm
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