The penalties increase next year to 2 percent of the yearly household income or $325 per person. The penalty for children will be $162.50.
Choosing to pay the penalty may not save you as much as you think. Many consumers are eligible for insurance plans at surprisingly low rates. Those who choose to pay the penalty will receive nothing for it, and will still be responsible for the full bill for any of their routine or emergency medical expenses. A one-time trip to the emergency room can run into thousands of dollars making insurance the smarter choice.
Open Enrollment for the Affordable Care Act ends March 31st so time is running out for you to get signed up. To learn more, call me at Mutsko Insurance Services, LLC at 440-255-5700 to discuss your options. Let me help you choose the coverage that makes the most sense for you, your family and your budget.