Proposal Could Put More Americans in Market for Health Insurance Coverage

Americans who lack employer-provided plans could soon find themselves in the market for health insurance coverage under one proposal that was recently floated in Congress.

This week, an Associated Press report noted that as lawmakers continue trying to develop a sweeping overhaul to the nation's healthcare system, one option could turn out to be financial penalties on people who don't buy coverage.

According to the wire service, people who do not buy health insurance could end up being penalized $750 per year under the proposal, or $1,500 for families. Those making three times more than the federal poverty level would reportedly face stiffer fines at $950 per individual and $3,800 for families.

In Massachusetts, a similar plan that imposes financial penalties on those who go without health coverage has drawn national attention. However, there is still considerable debate over how successful and helpful the state's policy has actually been.

Regardless of how the current debate in Congress turns out, consumers can leave themselves at great financial and medical risk if they decline to purchase health insurance coverage, especially with a variety of plans available to suit many different budgets.