Â Â Â Â 7. TheÂ TaxÂ PenaltyÂ forÂ notÂ havingÂ aÂ qualifiedÂ healthÂ planÂ increasesÂ inÂ 2015,Â 2016,Â andÂ beyond.
Each year, the penalty for not having a qualified health plan increases. In 2014 it was $95 per person forÂ the year ($47.50 per child under 18), or 1% of your yearly household income Â whichever is greater). ForÂ 2015, the penalty will be $325 per person or 2% of your yearly household income. In 2016, it will beÂ $695 per person or 2.5% of your yearly household income. As time goes on it will continue to beÂ adjusted for inflation.
For more information pleaseÂ watch for our next part in this nine part series, posted weekly.
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