Under the Affordable Care Act, who will be required to obtain health insurance?
Starting in 2014, under Federal law, every United States citizen will be required to obtain health insurance (with very few exceptions). Those without insurance will face financial penalties equating to a percentage of the person’s annual income. The penalty in 2014 will start at 1% of one’s salary or $95 (whichever is higher), and will increase every year until 2018.
Here’s a snapshot of what the penalties for not having health insurance will be with ACA:
- 2014: $95 (individual), $285 (household cap) or 1% of income, whichever is greater
- 2015: $325 (individual), $975 (household cap) or 2% of income, whichever is greater
- 2016: $695 (individual), $2,085 (household cap) or 2.5% of income, whichever is greater