IRS Sets Fines for Refusal of Health Coverage

The Affordable Care Act (ACA) requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty.  This rule, which took effect in 2014, is often referred to as the individual mandate.  The penalty amount that an individual will have to pay is capped at the annual national average bronze plan premium. On July 25th 2014, The Internal Revenue Service released Revenue Procedure 2014-46 (Rev. Proc. 2014-46), which provides the 2014 monthly national average premium for bronze-level qualified health plan (QHPs), which is:

$204 per individual ($2,448 annually)

$1,020 for a family with five or more members ($12,240 annually)

IRS Releases Figures Determining Individual Mandate Penalty Cap