The Affordable Care Act (ACA) was designed to help individuals obtain affordable healthcare coverage. Towne Benefits is here to help you make sense of it all.

The ACA states that if you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (Also referred to as a penalty, fine or individual mandate.)

  • You owe a fee for any month you, your spouse, or your tax dependents don't have health insurance that qualifies as minimum essential coverage.
  • You pay a fee when you file your federal tax return for the year you don't have coverage.
  • In some cases, you may qualify for a health coverage exemption from the requirement to have insurance. If you qualify, you won't have to pay the fee.

The fee for not having health insurance in 2018:

The fee is calculated 2 different ways - as a percentage of your household income, and per person. You'll pay whichever is greater.

  • Percentage of Income: 2.5% of household income with a maximum equal to the total yearly premium for the national average price of a Bronze plan sold through the Marketplace.
  • Per Person: $695 per adult, $347.50 per child under 18, with a maximum of $2,085.

To learn more about insurance types that qualify, health coverage exemptions, or to find out more about your individual healthcare options, contact us at 855-340-3873.