Penalties for those without health insurance are on the rise

health insurance penalty

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…

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California health insurance exchange marketing takes off on bus tour

California health insurance

Officials have been using this new method to help to promote the marketplace across the state. On Sunday, the head of the California health insurance exchange boarded a bus in order to tour Los Angeles and spread the word about the benefits that residents of the state can enjoy through the Affordable Care Act. Many people in California have yet to take part in the health care law’s requirements. A large proportion of the people who have not yet been participating in the California health insurance exchange are in the…

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Insurance news of fines isn’t great for the wealthy

Health Insurance news tax penalty

Americans in higher tax brackets could find themselves paying a penalty almost $2,500 for being uninsured. The IRS has released an insurance news statement that indicated that the penalty that will be paid by individuals who have failed to comply with the individual mandate of the heath care reform and who have not purchased coverage will be up to $2,448. At the same time, there could be a fine of up to $12,240 for uninsured families with five or more members. The same penalty will not apply to everyone. It…

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Health insurance exchange for small businesses is coming

health insurance for small business

Small businesses will have to comply with insurance provisions this year This year, small businesses in the U.S. will have to comply with the insurance mandate provisions of the Affordable Care Act. The federal law requires employers to provide their workers with insurance coverage, but businesses with less than 50 full-time employees had been exempt from this provision for some time. The federal government had opted to exempt small businesses from the insurance mandate in order to provide them with more time to prepare themselves for the financial implications of…

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Health insurance penalties could add up quickly for the uninsured

health insurance bills stress

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…

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