With the January 31st deadline to sign up for insurance looming, many people are asking if President Elect Trump will do away with the individual mandate and penalties (tax) for going without. There is speculation on both sides of the argument, and only time will tell if the mandate will be removed immediately following inauguration.
If it stays put, the fines for 2017 will be:
The fee for not having health insurance in 2016 & 2017
The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.
Percentage of income
- 2.5% of household income
- Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace
- $695 per adult
- $347.50 per child under 18
- Maximum: $2,085
I'd rather not risk losing 2.5% of my income for a plan that may cost less than 1% of my income.