Q:

Is there a tax penalty for keeping your existing healthcare plan?

A:

Quick Answer

As of March 2015, there is not a tax penalty for consumer who choose to keep their existing healthcare plan. The tax penalty is charged to consumers who choose not to purchase health insurance. However, exemptions are available for consumers who meet specific requirements.

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Is there a tax penalty for keeping your existing healthcare plan?
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Full Answer

The fee for the 2015 tax year is $325 per adult and $162.50 per child under 18, with a limit of $975 per family, or two percent of a household's annual income that is above the tax filing threshold, whichever is higher. Healthcare.gov states that the annual penalty based on income is equivalent to the average premium for a bronze insurance plan.

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