If you have your health insurance through the Obamacare exchange, hold on to your hat. The 2017 insurance premium rates are expected to be released around June 1, 2016 and they are expected to result in an increase of 10% to 30% and possibly more depending on the state where you live. This is due to insurers being hit with heavy medical claims and a lower than expected number of people signing up for health insurance coverage.
Your first thought may be to pay the penalty and gamble on remaining healthy and not needing health insurance. I have already seen some comments talking about the penalty for 2017 being $695. Be careful when you hear this. The $695 is only the minimum penalty amount. For a husband and wife both of which do not have coverage, the minimum penalty is $1,390. This is the first penalty calculation. The second penalty calculation is your 2017 income with several adjustments times 2.5%. Then you pay whichever penalty calculation is the largest amount. So for a husband and wife, if your 2017 income with the adjustments is more than $55,600, your penalty will be more than $1,370.