Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Under the Affordable Care Act, everyone needs to have a qualifying health insurance plan in place or pay a penalty. The penalties in 2014 will be calculated in one of two ways (you pay whichever is the higher amount) as:
1) 1% of your yearly household income - the maximum being the national average yearly premium for a bronze level plan
2) $95 per person for the year ($47.50 if under age 18) - the max penalty per family is $285 under this method.
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1) 1% of your yearly household income - the maximum being the national average yearly premium for a bronze level plan
2) $95 per person for the year ($47.50 if under age 18) - the max penalty per family is $285 under this method.