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John and Ken

Feds cap fines for not buying health insurance

 
Posted July 24th, 2014 @ 3:02pm

Photo Credit: Shutterstock

MIAMI (AP) — Federal officials have capped the amount of money scofflaws will be forced to pay if they don't buy insurance this year under the new health care law.

The caps are $2,448 per person and $12,240 for a family of five. The amount is equal to the national average annual premium for a bronze-level health plan.The penalty for the first year starts at $95 per person and can rise to as much as 1 percent of annual income. The latest figure limits what the government can charge people using the personal income computation. The penalty is due when people file their 2014 taxes.

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