Many people are still unsure what the coming health insurance tax will cost them.
Business Insider’s Henry Blodget detailed the costs earlier today… specifically in regards to what the “penalty” is if you don’t buy insurance (as mandated).
How it’s calculated (in 2016):
- For those making less than $9,500 a year, they will pay nothing.
- For those with incomes between $9,500 and $37,000, they will pay $695 per person (or as much as $2,100 for a family plan).
- If you earn more than $37,000, you will pay 2.5 per cent of your household income less $9,500.
- If you earn more than $200,000 or there abouts, you will pay the “Bronze” health insurance plan fee established through your state exchange, which will top out at about $5,000 per person (or $12,500 per family).
There are a number of exemptions that will also impact your payment of the tax.We thought we could simplify things for you by presenting your expected penalty in chart form (costs are calculated at a single-person’s income).
Photo: Eric Platt/Business Insider
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