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Tax Penalties Are Going Up For Uninsured

Tax Penalties Are Going Up For Uninsured

Tax Penalties Are Going Up For Uninsured

Jan 18, 2016, < 1 Minute Read

Most people are required by law to have health insurance through an employer, a government health program or an individual plan they purchase themselves. Those who don’t purchase health coverage in 2016 may be subject to the penalty, which is $695 per person in a household or 2.5 percent of their income, whichever is greater. A family of four earning $70,000 a year could pay close to $2,085 in their taxes if they remain uninsured in 2016 (there are some exemptions).

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