Federal officials have released new rules regarding increased fines for not carrying health insurance.
Fines for not buying insurance are capped at $2,448 per person and $12,240 for a family of five. The standard rule of thumb is 2% of household income, with a minimum of $325 per person.
The caps are equal to the national average premium for a bronze-level health plan.
According to the IRS, those who choose to go uninsured will owe one-twelfth of the annual payment for each month they or their dependents don’t have either coverage or an exemption.
All fines will be due during tax return season, and wlll be deducted from tax refunds.
