Why Do I Need Healthcare?
Health Coverage Helps Pay Costs When You Need Care
No one plans to get sick or hurt, but most people need medical care at some point. Health coverage helps pay for these costs and protects you from very high expenses.
The penalty applies to all individuals that do not qualify for an exemption and will be as follows:
- 2014: Penalty will be either 1% of family income OR $95 per adult and $47.50 per child (up to $285 per family) – whichever is greater.
- 2015: Penalty will be either 2% of family income OR $325 per adult and $162.5 per child (up to $975 per family) – whichever is greater.
- 2016: Penalty will be either 2.5% of family income OR $695 per adult and $347.50 per child (up to $2,085 per family) – whichever is greater. To find out if you are exempt from this penalty click here.
- How much you pay for care before your insurance company starts to pay its share (a deductible)
- What you pay out-of-pocket for services after you pay the deductible (coinsurance or copayments)
- How much in total you’ll have to pay if you get sick (the out-of-pocket maximum) What your policy covers is often directly related to how expensive the health insurance policy is. The policy with the cheapest premium may not cover many services and treatments.