health insurance penalties Archives

Penalties for those without health insurance are on the rise

December 17, 2015December 16, 2015 Nordstrom

Federal fines will be placing more pressure on uninsured consumers next year Health insurance premiums for those seeking coverage through exchanges in the United States are growing next year. For many consumers, higher costs may discourage them from actually keeping their coverage due to financial pressure. If they go without coverage, however, they will face penalties from the federal government. Next year, those penalties will be more costly, as they are designed to serve as an incentive to encourage consumers to purchase health insurance coverage. Report shows that the average…

Health insurance penalties are becoming more expensive in 2015

January 2, 2015December 31, 2014 S.Vagus

Penalties for those without insurance coverage are set to rise next year Those without health insurance in the United States could face higher penalties in 2015. Next year will be the first time that U.S. citizens will be required to report whether or not they have insurance coverage to the Internal Revenue Service. Those without insurance coverage will face fines, while those with coverage will avoid these fines. The uninsured could qualify for some 30 exemptions to these penalties, but most people are completely unaware of these exemptions. 3% of…

Health insurance penalties could add up quickly for the uninsured

March 18, 2014March 15, 2014 Logan B.

Federal penalties may be more costly than people may realize The federal health insurance mandate has been in effect in the U.S. for nearly three months, but penalties for those without insurance coverage are not expected to be seen until after March 31. When the open enrollment period for insurance exchanges comes to a close, those without insurance coverage will become vulnerable to federal penalties. These penalties levy a 1% of annual household income fee or a flat rate of $95 based on yearly income. These penalties, however, may only…