If you did not have health insurance in 2014, be prepared to pay a penalty when you file your 2014 income taxes next April.
If the penalty for not being covered in 2014 did not seem too high, brace yourself for the dollar amount to rise next year, and the year after.
Here are the penalty amounts for 2014, 2015, and 2016:
| 2014 | 2015 | 2016 |
| $95 per adult $47.50 per child Family Maximum of $285 OR 1% household income, whichever is GREATER |
$325 per adult $162.50 per child Family Maximum of $975 OR 2% household income, whichever is GREATER |
$695 per adult $347.50 per child Family Maximum of $2,085 OR 2.5% of household income, whichever is GREATER |
Avoid a Penalty in 2015
Open Enrollment for 2015 health insurance begins November 15, 2014 and runs through February 15, 2015. You can save yourself a substantial penalty by making sure you have coverage in place for you and your family.
Give our office a call at 1-800-867-0800 or send us an email at jkatz@vamedicalplans.com to get started today.
Please be patient as we manage a high volume of calls and emails.
