The Affordable Care Act may not be so affordable. Fines kick in this year by the Internal Revenue Service for those who choose not to buy into Obamacare. For the first time ever, every American is going to see a question on their tax returns asking if we have health insurance. IRS Spokesman Bill Brunson says anyone
who didn’t sign up for Healthcare in 2014, will pay a fine. Brunson calls it an “individual shared responsibility payment.” Brunson goes on to say that payment “may need to be made by individuals who did not have coverage.”
Brunson says he doesn’t know how much the fine will cost you. The penalty fees for not having health care vary for each person depending on various circumstances. The law defines the penalty being a mere $95 for each adult and $47.50 for each child. An uninsured family of four would pay a minimum of $285, but could pay more.
Most unsuspecting people don’t know what it means yet for their households. While the majority of taxpayers will simply check off a box affirming they have health insurance mandated by the U.S. Government, others will find it a lot more complicated. Are you exempt? Did you lose health insurance for a time during 2014? How many children in your household have no insurance? These questions and more are calculated by the IRS and turns out a number on how much you owe. Experts predict some 30-million people do not have health insurance.
The healthcare plan that you liked that was dropped when you were promised you could keep it is now going to cost you.