Not logged in? Join one of the largest Insurance Forums on the Internet! Join Now!  

Advertisments:


Sponsor Links

Affordable Pet Insurance
Travel Insurance Comparison


Penalty for no medical insurance 2013/2014?

Health Insurance topics including Obamacare & Health Insurance quotes

Penalty for no medical insurance 2013/2014?

Postby birkee22 » Sun Apr 14, 2013 5:06 pm

I am trying to understanding the Medical Penalty for not having insurance. I get the cost I have to pay etc, and just want to know when does that really kick in?

Do I need to have Medical start 2013 (now) to not pay penalty or do I need to have it starting 2014 to not pay the penalty?

http://money.cnn.com/2012/06/26/pf/taxes/health_reform_new_taxes/index.htm
http://www.consumerreports.org/cro/2012/06/update-on-health-care-reform/index.htm
birkee22
 
Posts: 469
Joined: Thu Mar 31, 2011 8:28 am

Penalty for no medical insurance 2013/2014?

Postby cissie84 » Sun Apr 14, 2013 5:15 pm

As both articles state - you must have insurance beginning i n2014 (January 1), so in reality, you must sign up prior to Jan 1, 2014 (you could sign up at 11:59 pm on Dec. 31 if you could find an agent) and have it kick in on Jan. 1. Since the regs have not been fully issued yet, however, you could possibly see some leeway between now and then.
cissie84
 
Posts: 154
Joined: Tue Sep 18, 2012 2:41 pm

Penalty for no medical insurance 2013/2014?

Postby naruto » Sun Apr 14, 2013 5:16 pm

It is not a medical penalty. It is a tax penalty. In 2014 you must be insured or exempt. When you file your tax return there is a place to indicate on the form whether you will get a tax credit for buying insurance or a tax penalty for not being insured.

An adult who does not have health insurance by 2014 would be penalized $95 or 1 percent of income, whichever is greater, so long as the amount does not exceed the price tag of a basic health plan. But by 2016, the penalty increases to $695 for an uninsured adult, and up to $2,085 per household, or 2.5 percent of income, whichever is greater.
naruto
 
Posts: 461
Joined: Thu Mar 31, 2011 3:44 pm


Return to Health & Medical Insurance

 


  • Related topics
    Replies
    Views
    Last post
cron