what is the fee for not having health insurance coverage?

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What is the Fee for Not Having Health Insurance Coverage? www.CaptureBilling.com 703.327.1800

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Page 1: What is the Fee for Not Having Health Insurance Coverage?

What is the Fee for Not Having Health Insurance Coverage?

www.CaptureBilling.com703.327.1800

Page 2: What is the Fee for Not Having Health Insurance Coverage?

Penalty for No Health Insurance

A lot of the medical practices we service are asking us questions about the Affordable Care Act (Obamacare) and how it may affect their patients.

One of the questions we hear asked is if there is a fee, penalty, or tax for not having health insurance, as some of the young adults don’t want health insurance and just pay cash if they do need to see a doctor.

www.CaptureBilling.com703.327.1800

http://www.capturebilling.com/what-is-fee-for-not-having-health-insurance-coverage/

Page 3: What is the Fee for Not Having Health Insurance Coverage?

Penalty for No Health Insurance

According to the government:

“Starting January 1, 2014, if someone doesn’t have a health plan that qualifies as minimum essential coverage, he or she may have to pay a fee that increases every year: from 1% of yearly household income (or $95 per adult, whichever is higher) in 2014, to 2% of income (or $325 per adult), to 2.5% of income (or $695 per adult) in 2016. The fee for children is half the adult amount. The fee is paid on the federal income tax form.”

So yes, call it what you want - a fee, a penalty, or a tax - but if you do not purchase health insurance coverage, you will have to pay a fine.

www.CaptureBilling.com703.327.1800

http://www.capturebilling.com/what-is-fee-for-not-having-health-insurance-coverage/

Page 4: What is the Fee for Not Having Health Insurance Coverage?

Penalty for No Health Insurance

Here are the penalties by year. As you can see, a family choosing not to have health insurance in 2016 will have to pay a fine of $2,085.

Here is a link to HealthCare.gov where you can check out the fee you pay if you don’t have health coverage and if you can get an exemption from the fine or tax.

www.CaptureBilling.com703.327.1800

FEE FOR NOT HAVING HEALTH INSURANCE

2014 2015 2016

Adult $ 95.00 $ 325.00 $ 695.00

Child $ 47.50 $ 162.50 $ 347.50

Max FamilyPenalty

$ 285.00 $ 975.00 $ 2,085.00

https://www.healthcare.gov/fees-exemptions/fee-for-not-being-covered/

http://www.capturebilling.com/what-is-fee-for-not-having-health-insurance-coverage/

Page 5: What is the Fee for Not Having Health Insurance Coverage?

About the Author:

Manny Oliverez

Manny Oliverez, CPC, is a 20-year healthcare veteran and the CEO and co-founder of Capture Billing, a medical billing services company located outside of Washington, D.C. He teaches the nation’s physicians, administrators, and medical practices how to maximize billing and revenue cycle management processes. Manny also frequently posts articles and videos on his award-winning healthcare blog. For more information on Manny and his company, please visit his website, or call (703)327-1800. And if you’re on LinkedIn, please look for him there too. READ MORE

www.CaptureBilling.com703.327.1800

What are your thoughts? Can you pay more than 2 grand for not having health insurance next year?

http://www.capturebilling.com/blog/

http://www.capturebilling.com/get-quote/

https://www.linkedin.com/in/mannyoliverez

http://www.capturebilling.com/manny-oliverez/

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