2011 Individual Tax Liability for Uninsured Increases
Posted by Andy Gregory on Mon, Feb 14, 2011 @ 01:53 PM
Effective at the beginning of 2011, penalties for failing to obtain health insurance coverage have increased. Part of the Commonwealth's Health Care reform Law, passed in 2006, requires all residents to have health insurance or face tax penalties. Starting this month, anyone 27 and older who makes more than three times the poverty level, or approximately $32,500 annually, faces penalties of $101 per month or $1,212 per year. That's an increase from the 2010 rate of $93 per month or $1,116 per year.
Those 18 to 26 who earn more than $35,000 annually face penalties of $72 per month or $864 annually, up from $66 per month or $792 annually in 2010.
Individuals with incomes up to 150 percent of the poverty level, approximately $16,300 per year, are not subject to a penalty.