Americans who do not have health insurance in 2014 will have to pay a tax penalty.
According to the Healthcare.gov site, people are able to purchase health coverage via the Affordable Health Care act health insurance exchange program.
“The fee increases every year. In 2016 it is 2.5% of income or $695 per person, whichever is higher,” the website reads.
Also, anyone who doesn’t sign up won’t get health insurance and will be responsible for 100 percent of the cost of their medical care.
Some states have exchanges run by the federal government and others use their own state-run sites.
If by March 31, 2014, one has no health insurance, you will face a fine of either $95 per person or 1 percent of your yearly income, whatever is higher. Fees will increase each year.
“After open enrollment ends on March 31, 2014, they won’t be able to get health coverage through the Marketplace until the next annual enrollment period, unless they have a qualifying life event,” it adds.
A health care “exchange” or a “marketplace” are shops that are accessed online, by mail, and in person--operated by states or the federal government--where people can browse different plans.
If one has health insurance coverage via an employer, they can simply keep it, as jobs qualify as the “minimum essential coverage” needed, meaning one won’t be fined.
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