How Much Not Having Health Insurance Will Cost Starting 2016

The federal penalty for having no health insurance is set to go up in 2016. How much will it go up?

According to The Blaze, in 2016 the penalty for being uninsured will rise to the greater of either – $695 or 2.5 percent of taxable income for someone who goes without coverage for a full 12 months.

The numbers are pretty clear. With subsidized customers now putting in an average of about $100 a month of their own money, a consumer would be able to get six months or more of coverage for $695, instead of owing that amount to the IRS as a tax penalty. Backers of the law are urging the administration to hammer that home."

If you do not have any coverage, sign-up season starts November 1st and runs through January 31st 2016.

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