The Cost of Being Uninsured

Everyone knows you have to pay for health insurance, but did you know there is also a cost to being uninsured?  Under the Affordable Care Act there is a price to pay for not carrying health insurance. The penalty incurred for being uninsured is sometimes called the “individual responsibility payment” or the “individual mandate,” and the fine in 2014 is calculated one of two ways.  If you or your dependents do not have health insurance that qualifies as minimum essential coverage you will pay either 1% of your yearly household income or $95 per person, whichever is greater, for the year ($47.50 per child under 18).

Please note, however, that the penalty increases every year.  In 2015 it is 2% of income or $325 per person and in 2016 and later years it is 2.5% of income or $695 per person.  Also, it is important to remember that even if you pay the penalty, you still do not have health coverage and are responsible for 100% of your medical care.

The important thing to understand is that not only is health insurance a prudent decision for your life, it is also a wise choice for your wallet.  Blue Cross Blue Shield of North Carolina (BCBSNC) offers an array of affordable health plans  that not only save you from unwanted out of pocket medical expenses, it can also save you the cost of being uninsured.  For a complete definition of what qualifies as minimum essential coverage and a comprehensive look at how the tax penalty for being uninsured is calculated review the Affordable Care Act guidelines with IRS.

For more information on health insurance coverage in North Carolina, please visit our website at www.nchealthplans.com or call our toll free number 888-765-5400 and speak with one of our professional agents. Our agency provides coverage for health insurance in North Carolina through Blue Cross Blue Shield of North Carolina (BCBSNC). It would be our pleasure to help you navigate through the Health Care Reform changes in accordance with the new regulations of Obamacare. Call us for details.

This entry was posted on Tuesday, September 9th, 2014 at 5:30 am and is filed under Affordable Care Act (ACA). You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.