There is a lot of information to absorb about the Affordable Health Care Act. In each newsletter, we include a few pieces of information that you may find helpful.
Fees for individuals who do not purchase “minimum essential coverage” health insurance will increase in 2015. The basic fine will be the higher of the following: $325 per person ($162.50 for each family member under 18) with a ceiling of $975.00 or 2% of your yearly household income (above the $10,150 tax filing threshold.)
Income levels to qualify for health premium credits also increase in 2015. The credit is available only to those households with incomes between 100% & 400% of the federal poverty level, $11,670 to $46,680 for singles and $23,850 to $95,400 for a family of four. Individuals whose income is so low that they qualify for Medicaid do not qualify for health care credits. So, if an individual lives in a state which limits access to Medicaid and his (or her) income falls below the poverty level, he (she) is out of luck. Fortunately, there is a hardship exemption, so he (she) will not have to pay penalties for going without health insurance.