Penalty for No Health Insurance: $2,000 Per Year for Uninsured Individuals

The Affordable Care Act (ACA), also known as Obamacare, requires most Americans to have health insurance. The penalty for not having health insurance varies depending on your income and family size. For 2023, the penalty is $2,000 per adult and $1,000 per child under the age of 18. Families with incomes above certain thresholds may have to pay a higher penalty.

Who is Required to Have Health Insurance?

Most Americans are required to have health insurance. This includes:

• US citizens and legal residents
• People who live in the United States for more than 6 months out of the year
• People who are not eligible for Medicaid or Medicare

What are the Penalties for Not Having Health Insurance?

The penalty for not having health insurance in 2023 is $2,000 per adult and $1,000 per child under the age of 18. Families with incomes above certain thresholds may have to pay a higher penalty.

The penalty is paid when you file your taxes. If you do not have health insurance, you will need to complete Form 8965, Health Coverage Exemptions. You can use this form to claim an exemption from the penalty if you qualify.

How to Avoid the Penalty

There are several ways to avoid the penalty for not having health insurance.

• Get health insurance. This is the best way to avoid the penalty. You can get health insurance through your employer, the Health Insurance Marketplace, or a private insurer.
• Qualify for an exemption. There are several exemptions from the penalty, including:
• Low income
• Unaffordable health insurance
• Religious objections
• Hardship
• Pay the penalty. If you do not qualify for an exemption, you will need to pay the penalty when you file your taxes.

Conclusion

The penalty for not having health insurance is a significant financial burden. If you can afford health insurance, it is important to get it. There are several ways to get health insurance, including through your employer, the Health Insurance Marketplace, or a private insurer. If you cannot afford health insurance, you may qualify for an exemption from the penalty.

Additional Resources

• Health Insurance Marketplace
• Form 8965, Health Coverage Exemptions
• ACA Penalty Calculator