No Health Insurance? Penalties To Rise In 2015
PITTSBURGH (KDKA) -- Most Americans have health insurance through their employers or through government programs like Medicare for seniors and Medicaid and Healthy PA for those with lower incomes.
But that's not everyone, two health care experts told KDKA money editor Jon Delano on Tuesday.
"We still have almost 14 percent of Americans without health care coverage," said Ken Segal, a principal with ValueCapture Health Consultants.
"There are 32 million still uninsured," noted Jason Snyder, executive director of the Consumer Health Coalition.
That's where the Affordable Care Act -- or Obamacare -- comes in with a personal mandate that requires every American to have health insurance.
Obamacare, say experts, makes that possible.
"Health care insurance is available to everyone for purchase at www.healthcare.gov," said Segel. "There are subsidies available to Americans up to approximately 400 percent of the poverty line, so roughly $46,000 for an individual."
But now, if you ignore the law -- and did not have health insurance in 2014 -- you may pay a price at tax time.
"They will pay one of two penalties -- the higher of either 1 percent of household income or $95 per person in the household," said Snyder.
That penalty will come out of your tax refund or add to your taxes owed on your 2014 tax return filed this spring.
And the penalty will go up next year for those who ignore the law in 2015.
"Again whichever is higher, 2 percent of annual income or $325 per person, so a significant increase from '14 to '15," added Snyder.
There are 30 different exemptions mostly relating to a person's finances, so perhaps as many as 26 million Americans will qualify for exemptions.
But as for the rest, is it too late to sign up for Obamacare to avoid the penalty?
"It's too late for 2014," said Segel, "but it's not too late for 2015. And for 2015, you have until February 15th to sign up at www.healthcare.gov."
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