What Happens If You Drop Health Insurance?

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   Dan Beukelman

   CSR, American Family Insurance,

   Of course you would be running the risk of financial ruin if something bad happens to your health, but I assume you already know that.  In regards to the new laws, as part of the Affordable Care Act you are now required to carry health insurance.  There are a couple of exceptions.  You can refuse on religious grounds, or based on a fact that it is beyond your means to purchase health insurance (too expensive).  If the government disagrees with you, or if you can't take one of those exceptions, you may owe a penalty of 1% of your income or $95.00 / person (whichever is higher) for 2014.  In 2015 that tax penalty goes up.
   
   Why are you considering dropping your health insurance?  Are you aware that many people qualify for free or reduced price health insurance under the Affordable Care Act?

   Answered on March 25, 2014

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