The individual responsibility clause of the Affordable Care Act (ACA), also known as the individual mandate, requires all Americans to have health insurance by January 1, 2014, or pay a penalty tax. How Much Will the Penalty Be for not Having Health Insurance? You may have heard the figure $95 per person. That is the basic penalty in 2014 for an unmarried individual, earning less than $19,500/year, with no dependents.
What Happens if I Do Not Have Health Insurance after January 1 2014?
The individual responsibility clause of the Affordable Care Act (ACA), also known as the individual mandate, requires all Americans to have health insurance by January 1, 2014, or pay a penalty tax. How will the Penalty Tax be Collected? The penalty tax will be collected by the Internal Revenue Service (IRS). When you file your taxes, if you have a gap in health coverage for a continuous three-months or more
