Zinn Insurance Blog | Monique Zinn – What’s the penalty for not buying health insurance?
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Health Insurance, Healthcare, News You Can Use, Saving on Health Insurance - Written by on Tuesday, January 19, 2016 23:48 - 0 Comments

What’s the penalty for not buying health insurance?

What happens if I don’t buy health insurance?
You’ll be assessed a 1% penalty off your gross income–your household income before taxes. Most people have commonly heard the penalty is only $95, but that’s incorrect information. The only way you would pay $95 is if you’ve made $9500 gross a year.

Who’s income does that 1% apply to?
Easiest way to think of this is: count the number of people in your household—and everyone’s income that contributes to the household.

How much will the penalty go up each year?
The penalty will go up 1% each year until it hits a maximum amount of 9.5% of your gross household income, making it almost too expensive not to buy insurance.

Bottom line: don’t get penalized for trying to save money. Our team—knowledgeable in all the top plans for 2016—will find you an affordable insurance plan for the unique needs of you and your family. We’re licensed with all major carriers to find only the best option for you. Contact us to start saving now!



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