by Christopher Freeburn | March 25, 2014 11:18 am
Americans who don’t yet have health insurance have just days to sign up for a policy or face a tax penalty when they file their 2014 taxes.
The official deadline for individuals to obtain health insurance under President Barack Obama’s Affordable Care Act — commonly known as Obamacare — is March 31. Americans who don’t enroll by the Obamacare deadline could wind up paying the IRS a penalty of $95 per adult or 1% of their household’s annual income, whichever is higher, the Post and Courier notes.
Under Obamacare, that tax penalty has been dubbed the “individual shared responsibility payment.” The penalty will be increased in 2015 and 2016.
Still for many Americans, the paying the penalty will cost less than purchasing health insurance coverage before the Obamacare deadline. An individual with annual income of $40,000 who doesn’t purchase insurance would face a $400 penalty.
There are some loopholes, however. Americans who were uninsured for less than three months in 2014 won’t face the penalty. Households with annual income under $10,150 will not have to pay the penalty either.
Americans can obtain health insurance plans through online insurance exchanges run by states or at the federal website, HeathCare.gov.
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