Individual Mandate Penalties

There has been continued talk about the individual mandate in my day to day business, so I will make a post specifically regarding the penalties so all the information regarding the individual mandates penalties are all under one, easy to find, roof.

This post is more of a “micro post” simply on the Individual Mandate’s penalties, therefore, I am going to assume you know what the individual mandate is (if not, click HERE to learn more).

Individual Mandate Penalties

2014 Penalties: $95 per adult, $47.50 per child. The maximum penalty is the greater between either $285 or 1 percent of income.

2015 Penalties: $325 per adult, $165.50 per child. The maximum penalty is the greater between either $975 or 2 percent of income.

2016 Penalties: $695 per adult, $347.50 per child. The maximum penalty is the greater between either $2085 or 2.5 percent of income.

Years after 2016: so far it is scheduled to be the same as 2016, except that it is adjusted annually for the cost of living increases.

Short and sweet. Know, however, that this information can change at any time due to new legislation. More information on the individual mandate can be found on Healthcare.gov, in case you had more questions regarding any updated individual mandate information. Have a great day, and thank you for reading!

References: Zywave Corporation and Healthcare.gov

Additional Disclaimer – Although I am an Insurance broker and a professional in the field, the Health Care laws are ever changing, especially in the age of the Affordable Health Care Act, and the laws, information, opinions, or understandings that I have wrote about may be obsolete by the time you come across them and I take no legal responsibility for what actions you may or may not take because of it. To keep yourself safe, please seek updated professional advice, because changes are happening and I would like to keep everyone safe from any misleading or dead information. Please check out the “Terms and Conditions” page for more information and/or bookmark my blog for upcoming changes and updates to the ACA. Thank you for reading, and have a great day!