Bigger Bite For Health Law Penalty On Uninsured
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WASHINGTON (AP) - The federal penalty for having no health insurance is set to jump to $695 for next year, and supporters of President Barack Obama's overhaul are urging the administration to highlight that increase as a marketing strategy.
That means the 2016 sign-up season starting Nov. 1 could see the penalties become a bigger focus to motivate uninsured people to sign up.
Until now, health overhaul supporters have stressed the benefits of getting taxpayer-subsidized coverage.
But in 2016, the penalty for being uninsured the full year will rise to $695 or 2.5 percent of taxable income, whichever is greater. Compare that with this year, when it's $325 or 2 percent.
The average customer with subsidies could get six months or more of coverage for $695, instead of owing the government.
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