Thursday, December 18, 2014

Going Without Health Insurance Could Have A Huge Price Tag

By Coleen Elkins

Whether you choose to call it a "tax penalty" or a "fine" in the year 2015 going without health insurance is going to be costly. The price tag is $325.00 for each adult or 2 percent of your family income, which ever is greater. This could cost a family $1,000.00 or more.

It has come down to going without health insurance is not only financially risky it is costly. The law has a mandate that the IRS is overseeing. You will answer questions on your tax return inquiring about the status of your health insurance. If you have children dental insurance is also mandatory and will automatically be added to your coverage.

There are hardship exemptions for those that fit the criteria to request an exemption. Completing forms are required to receive an exemption.

It seems that the general public is still very confused about the criteria of fulling the requirements of the law.

If you have questions about the law you can seek the services of a licensed insurance specialist focused the Affordable Care Act.  Since some of the law is related to tax penalties your tax advisor will be able to talk to you about the tax requirements of the law.

To learn more about the law visit our website 

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