IRS sets penalties for not getting healthcare insurance under ACA
Published: Aug. 27, 2013 at 7:58 PM
WASHINGTON, Aug. 27 (UPI) -- The IRS said Tuesday it has set the penalty Americans will have to pay for not getting health insurance under the Affordable Care Act, or Obamacare.
Under the so-called individual mandate, beginning Jan. 14, the charge for not obtaining health insurance will be $95 or 1 percent of household income, whichever is larger, The Hill reported. The penalty will increase to $695 per person, or 2.5 percent of household income, in 2016, the Washington publication said. There will be a cost-of-living formula for future years.
Not everyone without insurance would be hit with the penalty, which the IRS calls a "shared responsibility payment," The Hill said. People who qualify for Medicaid coverage but reside in states that aren't taking part in the law's expanded Medicaid will be exempt, as will those who are temporarily uninsured while between jobs, those opposed to having insurance coverage for religious reasons or members of Indian tribes.
"Today's rules ensure that millions more Americans will be able to get quality health care coverage at an affordable price, that provides health security for their families and bans discrimination against people with pre-existing conditions once and for all," a Treasury Department representative said in a statement received by The Hill.
Supporters say the mandatory participation is necessary to make the system sustainable, while detractors oppose being forced to participate.
- Derek Medina: Florida man posts picture of his dead wife Jennifer Alfonso on Facebook
- 'I know I'm going to die:' Terror of German tourist, 20, who lost her arm in shark attack while snorkeling in Hawaii - but was rescued by fearless high school gym teacher
- War veteran John Wrana, 95, dies after police shoot him with Taser and bean bag rounds
- Simon Cowell 'expecting a baby with married New York socialite Lauren Silverman'
- Couple faces jail after performing 'lewd, indecent and obscene' sex acts on flight to Las Vegas in front of horrified passengers
- Socialite Lana Scolaro opens up about Robin Thicke bottom-groping incident - revealing 'I knew his hand was on my butt'... and it wasn't their first encounter
- Nicole Baukus: Sobbing wrong-way drunken driver who killed two teenagers after binging on alcohol sentenced to 38 years
- Turkey's PM condemned for comments
- Jana Lutteropp: German tourist who lost arm in Maui, Hawaii shark attack dies
- Catholic school teacher Abigail Marie Simon arrested for having sex with 15-year-old student
- B For Bel imagines what Disney princesses' Instagram feeds might look like
- Grant Adamson: The wealthy descendant of Malibu's founders identified as the American tourist killed in Swiss hot air balloon crash that injured his wife and two daughters
- Monster sinkhole that swallowed Kansas pasture turns tourist attraction... and it's getting bigger
- Penn State high jumper, 20, falls to his death from ninth floor balcony just eight months after his 15-year-old brother died
- Police officer picks up tab for groceries a desperate mother tried to STEAL to feed her struggling family
- Death of a Salesman: Police say Herbalife millionaire shot himself
- Father of two children 'kidnapped' after the bodies of their mother and another youngster were found pleads with suspect to turn himself in
- 'He was a psycho who tricked us': Hannah Anderson speaks out for the first time since her kidnap ordeal and reveals how 'Uncle Jim' lured her family to his house before kidnapping her and setting fatal blaze
- Amy Stiner dies: Pregnant woman and friend accidentally drive down boat ramp into ocean and DROWN minutes after they were rescued while hiking on mountaintop
- Catholic girls' school teacher admits lesbian affair with student, 17, after plying her with alcohol
- Ramana Gadiraju dies: Middle-aged couple on vacation are killed in horror boating crash after their jet-ski hits 59-foot dolphin tour boat 'dead center'
- State trooper so disgusted that woman lied and said she was visiting dying father to get out of speeding ticket he tracks her down and arrests her
- Police fear Danvers student Philip Chism was 'infatuated' with Colleen Ritzer
- Woman handcuffed and left on ground as police thought she was a drunk driver - but she was almost dead from diabetic shock
|PHOTOS: Plastic Surgery Celebrity||Awkward family photos|
|UPDATED: Faces of Meth||PHOTOS: Celebrities all a-Twitter|
- Gang members mulled blackmailing Toronto mayor
- U.S. lawmakers said near short-term budget deal
- Winter super storm strikes across 24 states affecting millions
- School Safety Summit addresses bullying, educates parents on county resources
- Water Department crew finds coffins buried behind elementary school
- 50th annual Christmas party at Sparta community home
- Thailand calm as people observe their monarch's birthday
- Am I seeing triple? One-in-a-million identical triplets born without fertility treatment
- Pictured: Paul Walker's devastated girlfriend makes emotional visit to his family's home for the first time since deadly Porsche crash as it is revealed that she collapsed after learning of his death
- Horror for mother-of-two as she live-tweets deadly car accident... only to discover her husband had been killed in it