By law, you need to have health insurance. If you choose not to buy health insurance, you must pay a fee called the individual shared responsibility payment. This government regulated fee is calculated as either 2.5 percent of your household income or $695 per adult and $347.50 per child (you pay whichever of the two options is higher) and covers the duration of time you went without coverage. In 2014, over 7 million US households paid over $1.5 billion in penalties.
The fee isn’t the only expense you might be faced with if you don’t have health insurance. If you’re uninsured and an accident or illness occurs, you could be stuck with a large medical bill to be covered out of pocket. Health care insurance provides coverage and security for your wellbeing and pocketbook.
With open enrollment underway, now is the time to take advantage of the affordable health care options offered through Blue Cross Blue Shield of Michigan and avoid costly fees and penalties. Worried about the cost of having health insurance? There are plans at every budget level, so you can choose the one that works best for you. You can also use this subsidy estimator to find out if you are eligible for financial assistance, which will help lower the cost of your health plan even more. Here’s a little more about how going uninsured can impact your bank account:
For more information on picking the right plan for you and ways we can help in that process, visit these blogs:
- Four Health Insurance Options for the Young and Healthy
- Infographic: How to Choose your Health Insurance
- Need Assistance? When to Use a Walk-In Center Instead of Calling Customer Service
Photo credit: Upupa4me