Penalty for Not Having Health Insurance
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The penalty will be calculated on the individual’s 2014 Federal income tax return. The penalty is calculated for each month that they do not have health insurance coverage. 
​A penalty will not be imposed on:

• ​Individuals without health insurance for less than three months during the year 
• ​Members of Native American tribes

The penalty is calculated as the greater of:

• ​A percentage of the individual’s income that exceeds their filing threshold for each year;
• The percentage will be 1% for 2014, 2% for 2015 and 2.5% for 2016 and later.
• Filing threshold is defined as the personal exemption amount plus the standard deduction amount for the individual’s filing status.

Or,
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• A flat dollar amount is assessed separately for the taxpayer, spouse, and dependents.
• The flat dollar amount will be $95 for 2014, $325 for 2015 and $695 for 2016 and beyond.
• The amount is 50% for each dependent under age 18.
• The total family flat dollar amount is capped at 300% of the annual flat dollar amount.

​The penalty amount cannot exceed the national average premium for bronze-level health plans (for the relevant family size) offered at the State Exchange for which the taxpayer resides.


Individuals who are Exempt from the Requirement to have Health Insurance

• The following individuals are not required to have health insurance:
• Individuals with a qualifying religious exemption
• Individuals who are in a health care sharing ministry
• Individuals not lawfully present in the United States
• Individuals who are in prison

                                                                                                        WE CAN PROVIDE LOW COST HEALTHSAVINGS PLAN! 
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