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IRS Caps Fines on Uninsured Americans at $12K for Family of 5
Date:7/28/2014

e, divorce or birth of a child.

The next open enrollment period begins Nov. 15. Coverage purchased during that time won't take effect until 2015.

Separately, federal health officials on Thursday said some 6.8 million families are due to get a refund from their health insurer this summer. The refunds, averaging $80 per family, will be made in the form of a check or premium reduction, according to the U.S. Department of Health & Human Services.

The refunds are the result of a provision in the Affordable Care Act barring insurers from spending more than 20 percent of premium dollars on administration and marketing expenses.

In a press release, U.S. Health and Human Services Secretary Sylvia Burwell said ACA provisions like this one "provide Americans better value for their premium dollars."

In a blog for the National Center for Policy Analysis, a free market think tank, health analyst Greg Scandlen said consumers do not benefit from the rebate provision because insurers can overcharge people and earn interest on that money over the course of a year.

"So consumers in effect are simply giving the insurers an interest-free loan for a year," he wrote.

More information

HealthCare.gov has more about Affordable Care Act coverage.

SOURCES: Internal Revenue Service, Revenue Procedure 2014-46; July 25, 2014, Associated Press; July 25, 2014, news release, U.S. Department of Health & Human Services


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IRS Caps Fines on Uninsured Americans at $12K for Family of 5
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