Friday, January 2, 2015

Health insurance penalty to rise in 2015

Sheryl Baumeister,
Human Resources
Most Americans have health insurance through their employers or through government programs like Medicare for seniors and Medicaid for those with lower incomes. However, there is still a portion of Americans who haven’t purchased healthcare as mandated by the Affordable Care Act.

Healthcare insurance is available to everyone for purchase at www.healthcare.gov. If you ignore the law, and did not have health insurance in 2014, you may pay a price at tax time. Part of the Affordable Care Act mandates that all Americans have health insurance, or pay a tax penalty as a result. In 2014, the penalties are 1% of your household income or $95 per person – whichever is greater. It’s too late to avoid the penalty for 2014.

However, you have until February 15 to sign up for 2015. By doing so, you can avoid the penalty for 2015. Those penalties ramp up to 2% of total household income or $325 per person. That can really add up for a middle-class family of four. If you're not covered and paying a penalty on your 2014 taxes, make sure you get health insurance as soon as possible to avoid penalties as we enter a new tax year in January.


This article originally appeared in Trigard Tuesdays, our weekly electronic newsletter featuring information for the funeral industry. Sign up for your free subscription at http://www.trigard.com/tuesdays.

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