Paying the Fine
Consumers who do not qualify for tax exemption for the health insurance requirement for 2014 will pay a fine via his or her tax returns.
The penalties will be determined by one of two calculations, whichever is greater-$95 per person, per year and $47.50 per child under 18. For a maximum per family the penalty is 1% or; $285 of the yearly taxable household income.
For uninsured married couples with two uninsured children under 18 and an adjusted annual income of $55,000, for example, the penalty will be $347.
Penalties will increase in 2015 and 2016. Using the same example, if a family earnings are the same each year and both children remain under 18, the family would pay $975 in 2015 and $2,085 in 2016.
Officials with the Department of Human and Health Services will be launching resources in the next few weeks to help consumers prepare for tax season.
The Government will be reaching out to those who selected plans on the healthcare website via text messages, phone, and email.