ACA Penalties Rise for Uninsured Americans

ACA Penalties Rise for Uninsured Americans

Millions of Americans are still struggling to understand and obtain the right healthcare coverage to be in compliance with the Affordable Care Act (ACA). After dozens of technical setbacks, national sign-ups have reached roughly 10 million, which is higher than the 9.1 million goal set for this year by the administration. Yet still over ten percent of the population has yet to register for healthcare insurance, and they will soon be facing ACA penalties for noncompliance. 

If you are one of the millions of Americans who missed the February 15 deadline to buy health insurance for 2015 through Affordable Care Act market exchange over the weekend, you’re in luck. The Department of Health and Human Services (DHS) announced that you may have another week to finish your registration. The DHS extended the registration deadline after a number of technical and operations glitches, including a widespread power outage. The deadline was pushed back for individuals that tried to enroll in health coverage by February 15, but were unable to complete their enrollment because of longer than normal wait times on February 13th, 14th and 15th or those who encountered technical complications on the Healthcare.gov website which prevented many applicants from sub their applications because verification sources were down. The DHS is giving these individuals until February 22, 2015 to finish your enrollment.

Those who are without coverage in 2015 will be facing vastly higher tax penalties than those who went without coverage in 2014. Individuals that were uninsured in 2014 will likely see the financial implications when it comes time to filing their taxes this year. The penalty for not securing a qualifying healthcare plan in 2014 is the higher amount of either $95 per person in your family (capped at $285), or 1% of your income capped at the price of the national average premium for a bronze plan. Going uninsured in 2015 will result in penalties nearly three times as high. When it comes time to file their 2015 tax returns, every adult without insurance will be subject to a minimum penalty of $325, and these fees will continue to rise the following year to a minimum of $695 per adult. White House officials hope that the steeper ACA penalties will inspire greater compliance among individuals.

At Barnes Insurance Agency, we aspire to be a resource about the Affordable Care Act and Tennessee Healthcare Reform for residents and businesses alike. We are here to help ensure that Tennessee has access to quality personal and business insurance solutions that will protect themselves, their families, and all their assets against a number of financial loss exposures. To learn more about our operation and our offerings, contact us today at (866) 733-5424.

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