The cost of being uninsured in America is going up significantly next year for millions of people.
It’s the first year all taxpayers have to report to the Internal Revenue Service whether they had health insurance for the previous year, as required under President Obama’s law. Those who were uninsured face fines, unless they qualify for one of about 30 exemptions.
What many people don’t realize is that the penalties go up significantly in 2015. Only 3 percent of uninsured people know what the fine for 2015 will be. Figuring out your potential exposure if you’re uninsured isn’t simple.
For 2014, the fine is the greater of $95 per person or 1 percent of household income above the threshold for filing taxes. It will jump in 2015 to the greater of 2 percent of income or $325. By 2016, the average fine will be about $1,100.