Individual Mandate Penalty to Rise 47% to $969 in 2016

The Kaiser Family Foundation recently released an analysis of individual mandate tax penalties for uninsured individuals in 2016. Here are some key findings from the report:

·         The avg. 2016 penalty for remaining without health insurance coverage would be $969/household.

·         This penalty is 47% higher than the 2015 estimated average of $661.

·         People who qualify for premium subsidies face an average penalty of $738 per household in 2016.

·         Those not eligible for subsidies face an estimated average penalty of $1,450.

·         A bronze plan would cost less than the penalty for about 3.5 million uninsured people due to subsidies.

·         The least expensive insurance option would cost more than the penalty for 7.1 million uninsured people.

Source: Kaiser Family Foundation, December 9, 2015