TAKE ACTION FOR 2017 COVERAGE
Now’s the time to sign up for a 2017 health insurance plan and join the millions of people who have quality and affordable coverage from HealthCare.gov.
Open enrollment continues through Jan. 31, 2017. Apply by Dec. 15 for coverage to begin on Jan 1. If you apply later, your coverage will begin later, but as long as you meet the Jan. 31 enrollment deadline, you will avoid owing a tax penalty for being uninsured.
8 out of 10 people who enrolled in a health insurance plan qualified for financial help, and most people can find a plan for $75 or less per month. If you haven’t done so already, submit your application today.
Don’t miss out: There’s no better time to get covered. Sign up for a 2017 plan today!
How much the Obamacare penalty costs
The penalty’s cost is calculated in one of two ways: You’ll either pay a percentage of your total household adjusted gross income — which you’ll figure on your annual tax return — or a flat rate, whichever is greater. Your tax return will also help you determine your penalty amount.
Each year, the penalty will increase to keep pace with inflation and encourage people to buy coverage.
For tax year 2016, the penalty will rise to 2.5% of your total household adjusted gross income, or $695 per adult and $347.50 per child, to a maximum of $2,085.
For tax year 2017 and beyond, the percentage option will remain at 2.5%, but the flat fee will be adjusted for inflation.