The Affordable Care Act or ACA requires that everyone have qualified coverage, either through their employer, through an individual policy or they many pay a tax penalty.
In 2014, the penalty for individuals (for each family member) will be $95 for adults ($47.50 for a child) or 1% of household income, whichever is greater.
In 2015, penalty rises to $325 per adult and $162.50 per child (up to $975 for a family) or 2% of family income, whichever is greater.
In 2016 it jumps to the greater of $695 for adults ($347.50 for a child) or 2.5% of income.
Currently, the maximum family penalty in 2016 is the greater of 2.5% of income or three times the per-adult penalty ($2,085).
Whether you are interested in purchasing your health insurance through the Health Insurance Markeplace (the Exchange) or through the open market, Emergent Benefits, LLC can help individuals comply with the ACA and enroll in an affordable health plan that contains all of the essential benefits. Contact us using the form below.