Michigan Affordable Care health insurance will available on Nov. 01, 2015. The federal government will operate the Michigan Health Insurance Marketplace, also called the exchange. This will be an online marketplace that will provide policies that should be more affordable for families and individuals. Sixteen insurers are selling policies through the Michigan exchange for 2015 coverage, up from 12 in 2014.
If you can afford health insurance but choose not to buy it, you must pay a fee or have a health coverage exemption. (The fee is sometimes called the “penalty,” “fine,” “individual responsibility payment,” or “individual mandate.”)
What happens if you do not purchase a Michigan affordable care health plan for 2016?
- 2.5% of your yearly household income (Only the amount of income above the tax filing threshold, about $10,150 for an individual in 2014, is used to calculate the penalty.) The maximum penalty is the national average premium for a Bronze plan.
- $695 per person for the year ($347.50 per child under 18). The maximum penalty per family using this method is $2085.If you don’t have Michigan health coverage in 2016, you’ll pay the higher of these two amounts.
The Michigan Affordable care fee for not having coverage in 2015:
If you did not have coverage in 2015, you had to pay the higher of these two amounts:
- 2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,150 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a Bronze plan.
- $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975.
For tax year 2017 and beyond, the percentage option will remain at 2.5%, but the flat fee will be adjusted for inflation.
How do you pay the Michigan Affordable care penalty:
You’ll pay the fee on the federal income tax return you file for the year you don’t have coverage. Most people will file their 2016 returns in early 2017. More details on what the tax penalties are can be found here.
If you need Michigan Affordable care health insurance policy click the highlighted link to be connected to a Local Michigan health insurance agent to get a quote and avoid the Michigan affordable care penalty or call 248-888-1134 for more information.