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1203 South Fayetteville Street • Asheboro, NC 27203 • Fax: 336-626-3966 • Leave us a Message

2014 Individual Health Care Mandate

Penalty: Failure to purchase individual health insurance with result $95 penalty or 1% of an individual’s income.

  • In 2015, for an uninsured person there will be a $325 penalty or 2% of a household income.
  • In 2016 and beyond, for an uninsured person there will be a $695 penalty or a 2.5% of a household income.

***Consumers who can afford health insurance but decide not to buy it will owe penalties to the IRS when they file their taxes in the spring of 2015.

Exceptions to this Mandate Include:

  • If you have an income below the federal income tax.
  • If you were uninsured for short coverage gaps of less than three months.
  • If you cannot afford coverage based on the formulas contained in the law.
  • If you are a member of an Indian tribe.
  • If you have a hardship waiver from the Secretary, or any residence outside of the United States, or a bona fide residents of any possession of the United States.
  • Individuals who have a religious exemption, those not lawfully present in the United States, and incarcerated individuals are exempt from the minimum essential coverage requirement.

McLeod Insurance Agency, LLC, since 1971

McLeod Insurance Agency, LLC is an independent insurance agency and is not a part of any local, state or federal government agency.