Understanding Obamacare Penalties

Understanding Obamacare Penalties and How to Avoid the Consequences

The Affordable Care Act, commonly referred to as Obamacare, has been the subject of intense scrutiny and controversy since its inception in 2014. One of the most controversial aspects of the ACA is the imposition of a financial penalty for individuals that fail to obtain health insurance. Roughly 15% of people in the United States still do not have health insurance. Many people chose to take the penalty in 2014 because it was still cheaper than paying the high premiums associated with obtaining even mediocre coverage. Individuals that did not get coverage in 2014 will see $95 per person or 1% of their income, whichever is higher, withheld from their tax return in 2015.


Beware of increasing penalties in 2015

However, in 2015, the penalty for not having healthcare coverage is increasing sharply and may hit many individuals and families hard. Failing to obtain insurance in 2015 will cost Americans $325 per person or 2% of their income, whichever is higher. Children under the age of 18 will be penalized $162.50, half the adult rate. The maximum penalty per family is set at $975.


You may qualify for a hardship exemption

There are provisions in place that may allow you to avoid paying a penalty for not getting health insurance. There are a number of scenarios that may qualify you for an exemption such as :

  • Being homeless
  • Getting evicted in the past six months
  • Receiving a termination of services notice from utility companies
  • Being the victim of domestic violence
  • Experiencing the death of a family member
  • Sustaining substantial damage to your property caused by fire, flood or other disaster, whether natural or human-caused
  • Significant medical expenses for you or a family member

Members of federally recognized Native American Tribes are automatically exempt from paying the penalty. There are other specific situations that may impact your ability to obtain health insurance, but there are several different types of plans available that you may not be aware of. The insurance professionals at Senior Health Solutions, LLC have decades of experience working with individuals and families from all walks of life. We’re committed to helping you find a plan that allows you to receive the healthcare you need while avoiding the costly penalties imposed by Obamacare. Call us at (636) 244-4415 or contact us online to schedule an appointment. We serve clients in St. Louis, Saint Charles and the greater Tri-State area.

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