Health Insurance Now Required In Massachusetts, Fines Imposed

Tax season is upon us and many here in Massachusetts are worried about what their tax bracket may bring them this year.

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However, if you're caught not paying for health insurance, you could face thousands of dollars in tax penalties.

New Department of Revenue Rule

According to WWLP22News, The Department of Revenue new rule is now official under the state’s 2006 health care law. This means most residents over the age of 18 who do not carry adequate health insurance must now pay a fine anywhere between $300 and $2,000. This fine will also impose late fees for each month of non-compliance.

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Income & Penalty Information

The Berkshire Eagle reports that any single person with income between $22,590 and $30,120 (150 percent to 200 percent of the Federal Poverty Level) who does not carry acceptable coverage could be face a penalty of $25 per month or $300 a year.

Residents with income greater than $75,300 (500 percent of the FPL) are subject to penalties of $187 per month or $2,244 per year. Any Individual with incomes below $22,590 are however not subject to penalties for non-compliance. Married couples on the other hand who do not comply with the state's individual mandate are subject to tax penalties equal to "the sum of individual penalties for each spouse."

How To Avoid Fines

Simple, before you do your taxes this year, make sure any health insurance bills are all caught up then there's no need to worry about paying any fines on your tax return.