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2016 Penalties Increase for not having Health Insurance and some health plans don’t count as coverage

The penalty for not having health insurance in 2016 is 2.5 % of your income / or / $695.00 per adult. Whichever amount is greater. Per child penalty, that’s each child in your family with no coverage is up to $347.50. A maximum penalty of $2,085 is set, but for the 2017 tax year then beyond, 2.5 percent will remain the penalty. Maximum amounts as well as flat amounts will be adjusted for inflation.

Penalties owed are taken from your tax refund. The federal law does not allow the government to garnish wages or file liens to collect the insurance penalty.

Some health plans don’t count as coverage so you will still be penalized if you only have coverage for vision care or dental care. Worker compensation only does not count. Any insurance specific to a particular condition or a disease. Cancer insurance would be an example.

Discounts on medical service plans for discount’s only.

Speak with a Licensed Insurance Agent