This penalty is sometimes also called a fee, fine, individual responsibility payment or the individual mandate. If you an individual don’t have coverage in 2017, he/she must pay 2.5 percent of his/her yearly household income or $695 per person ($347.50 per child under 18). He/she pays the higher of these two amounts.
Health Insurance Penalty
Cost of health insurance penalty
For the tax year 2017, the penalty is 2.5% of one’s total household adjusted gross income, or $695 per adult and $347.50 per child, up to a maximum of $2,085.
For the tax year 2018 and beyond, the penalty amounts have not been announced, but are expected to increase.
What Is the Penalty for Not Having Health Insurance?
If an individual can afford health insurance but don’t buy coverage, he/she will likely have to pay a penalty. This penalty is sometimes also called a fee, fine, individual responsibility payment or the individual mandate.
If an individual doesn’t have coverage in 2017, he/she must pay 2.5 percent of his y/her early household income or $695 per person ($347.50 per child under 18). He/she pays the higher of these two amounts. In future years, the fee will be adjusted for inflation
Health Insurance Penalties from Previous Years
If an individual didn’t have health insurance in 2016, he/she paid the higher of these two amounts:
$695 per uninsured person and $347.50 per child (up to a $975 maximum)
Two percent of household income
If an individual didn’t have health insurance in 2015, he/she paid the higher of these two amounts:
$325 per uninsured person and $162.50 per child (up to a $975 maximum)
Two percent of household income
If an individual didn’t have health insurance in 2014, he/she paid the higher of these two amounts:
$95 per adult in the family and $47.50 per child (up to a $285 maximum)
One percent of household income
CONCLUSION
It is just important, in order to be on a safer side, to have a health insurance, enroll and be a member, to enjoy the benefits and avoid penalties.