obamacare fines2 min read
Learn More About Obamacare and Fines
Obamacare has been enacted in order to provide more Americans with affordable health care insurance. Around 50 million Americans do not have health insurance because of its high costs, which is why Obamacare, or the Affordable Care Act, was signed into law by President Obama in 2010.
Obamacare requires all Americans to have health insurance whether it is provided by an employer, purchased separately, or federally assisted. However, it is important to remember that if you do not make sure you are covered, you will be paying penalties and fines.
What are some Obamacare fines you will have to pay if you aren’t covered?
As an Employer
If you have 50 full-time employees or more, it makes more sense for you to provide insurance that meets Obamacare standards rather than pay the fine, depending on how many employees you have. If you choose not to provide insurance, you will pay a $2000 tax per employee starting January 2015 for all but your first 30 employees. These penalties are not tax deductible.
As an Individual
If you are an individual who does not get health coverage, you will have to pay either 1% of your household income or $95 per person for the year, whichever is higher. The maximum fine per family is $285. These numbers will increase every year. Starting 2015 however, these numbers will increase to 2% of your household income or $325 per person. These fees will be paid on your federal income tax return.
As an individual, it is better to make sure you get health coverage rather than be stuck paying any fines because paying fines does not get you coverage.
Obamacare fines and penalties will certainly add up if you choose not to enroll in a health care plan. Be sure to know your options by visiting your state’s marketplace to shop for affordable health care.
If you have any questions about Obamacare fines, you can easily connect with one or more business attorneys on UpCounsel who can help answer any questions and ensure your business is Obamacare compliant so you are not risk of any penalties and get fined.