Penalties to rise for not having health care insurance - Tri-State News, Weather & Sports

Penalties to rise for not having health care insurance

Estimated fines for a family with an income of $40,000 and two children for not having health insurance. Estimated fines for a family with an income of $40,000 and two children for not having health insurance.
One calculator used to determine how much of a fine one could pay for not having health care insurance. One calculator used to determine how much of a fine one could pay for not having health care insurance.
The deadline to enroll for health care insurance in 2015 is February 15. The deadline to enroll for health care insurance in 2015 is February 15.
TYLER, TX (KLTV) -

Millions of Americans who signed up for health insurance are waking up to their first full day of coverage.

However, for many more who have yet to sign up, steep fines could be coming. Health care insurance enrollment numbers are on the rise, according to Sound Harbor Financial's Caleb White, but so are the penalties that one could face if they do not select a plan by the end of open enrollment.

"The penalties for the next year are going to about double, and you know they'll keep that pressure on until they get the young healthy Americans," White said.

For a family with two children and an income of $40,000, the fine in 2014 would have been $270 in fines. However, in 2015, those fines increase to $559, and nearly $800 in 2016.

Only 45 days remain until the end of open enrollment season, which means those who do not have health insurance have that long before the threat of penalties become a reality. White said those shopping for plans will have more to consider this year.

"There's going to be more plans offered in this enrollment period then there has in the past," White said.

When it comes to those plans, White said he's been watching premiums across the country, and the average price appears to be on the rise.

"Most states have reported at least portions of the data and theirs should be going up somewhere between 4 and 6 percent is the average," White said.

However, White said there are a few states where premiums have gone down, adding that individual experiences may vary.

If you want to calculate what you could be paying for not having health insurance, follow this link to the tax policy center website. There, you can enter in your personal information to estimate the potential Affordable Care Act penalty for individuals and married couples who don't have health insurance coverage required by the ACA.

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