By Tara Kulash
March 23, 2014
STL
If you think not having health insurance will mean paying a simple $95 fine, you might be wrong. Because for most people, it’s more complicated than that — and potentially more expensive.
“People say, ‘It’s just a Ben Franklin,’ ” said Brian Haile, senior vice president for health care policy at Jackson Hewitt Tax Service. “I say it’s probably more than one.”
Under the Affordable Care Act, most Americans are required by law to have health insurance. You can purchase a plan either on the new federal health insurance marketplace or off the marketplace but without financial aid. Those who have not enrolled in a policy by March 31 could face a penalty.
In 2014, the penalty is $95 per adult and $47.50 per child or 1 percent of adjusted household income, whichever is greater.
Whether you pay the flat penalty or 1 percent of income depends, in part, on how much you earn and your filing status.
For example, if you and your spouse have two children, your family’s uninsured, and you file taxes jointly, you face a tax penalty of at least $285.
If your household income before deductions exceeds $50,000, you’d pay more. A household income of $75,000, for example, would mean a penalty of $547.