North Dakotans face tax penalties for not having health insurance
One of the less popular provisions of the Affordable Care Act law (commonly referred to as Obamacare) is the individual mandate.
The individual mandate requires most Americans to have qualifying health insurance coverage, or pay a tax penalty when filing their taxes the next year.
If you do not have insurance, you will need to enroll in a qualifying health insurance plan by Sunday, Jan. 31, 2016. The open enrollment period to buy 2016 health insurance coverage concludes Jan. 31. If you miss the deadline, you will not be able to get insurance coverage until 2017 unless you experience a qualifying life event.
- You can shop for 2016 insurance coverage on our website, or call us at 1-800-280-BLUE (2583) with any questions.
- Contact one of the hundreds of independent agents who represent Blue Cross Blue Shield of North Dakota across the state. Your insurance agent may be one of them.
- The open enrollment period to enroll in 2016 health insurance began on Nov. 1, 2015, and runs through Jan. 31, 2016.
- If you do not enroll in qualifying coverage in 2016, you will be subject to tax penalties of up to 2.5 percent of your taxable income.
- In 2016, the MINIMUM tax penalty will be $695 per person, or $2,085 per family. But the amount will likely be much higher for many.
- In 2015 the MAXIMUM penalties were capped at $2,484 per person and $12,420 per family. The 2016 MAXIMUM tax penalties have not yet been released by the Internal Revenue Service, but Blue Cross Blue Shield of North Dakota expects the tax penalty maximums to increase in 2016.