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Obamacare Penalties Explained

If you’re considering whether to get health insurance for the 2014 tax year, understanding the potential penalties can help you make an informed decision. Obamacare has tied having health insurance to your tax bill, but the specifics depend on your circumstances.

In 2014, employers with more than 50 employees are required by law to provide health insurance to all employees or face a penalty of $2000 per employee if even a single employee buys insurance through the exchanges. If you do offer employee insurance, you can be fined a penalty of $3000 for every employee who gets insurance through the exchanges using government subsidies or a penalty of $2000 for every employee in your company, whichever is smaller.

Individuals will also have to obtain insurance, even if their employer doesn’t cover it or if they are self-employed. The penalty for the first year if you don’t have health insurance will be $95, which will be due with your 2014 taxes on April 15, 2015.

Save-On Health Insurance Services in Los Angeles can help you find insurance that suits your needs, whether you are looking for individual coverage or group coverage from companies such as Anthem Blue Cross, Blue Shield, or UnitedHealth Group.