QUESTIONS & ANSWERS
YOU ASKED. We have the answers.
The following are questions from Daily News readers, answered by the pros at NY State of Health.
Q. Could you tell me what is the dollar amount in penalties I will be paying for not enrolling in Obamacare?
A. Starting in 2014, most Americans will be required to buy minimum essential health insurance coverage.
If they don’t, they must pay an annual penalty to the IRS, known as a “shared responsibility payment.”
The penalty will be equal to a specified dollar amount or a percentage of one’s household income, whichever is greater.
It starts at $95 per person or 1% of i ncome i n 2014; rises to $325 or 2% of income in 201 5; then increases to $695 per adult or 2.5% of income in 2016. Af ter that, the penalty will be adjusted for inflation.
Someone who lacks coverage for only part of the year would only pay part of the penalty. But no penalty is due if someone goes without coverage for fewer than 90 days in a year.
People who earn too little to file tax returns and those for whom insurance would eat up more than 8% of their income are exempt, among others.
Q. They say you cannot be denied health insurance even if you have a preexisting condition. So if I develop a condition, why can’t I just sign up for health insurance on my smartphone while I’m in the ambulance?
A. Open enrollment runs through March 31. Depending on the day one applies for coverage, the effective date for coverage would be no sooner than the first day of the following
month. Q: If you already have insurance do you still
register?
A. Individuals are required to re - new their coverage annually on the marketplace.