If you can afford health insurance but choose not to buy it, you must pay a fee or have a health coverage exemption. (The fee is sometimes called the “penalty,” “fine,” “individual responsibility payment,” or “individual mandate.”)
If you don’t have health insurance in 2016, you’ll pay the higher of these two amounts:
- 2.5% of your yearly household income (Only the amount of income above the tax filing threshold, about $10,150 for an individual in 2014, is used to calculate the penalty.) The maximum penalty is the national average premium for a Bronze plan.
- $695 per person ($347.50 per child under 18) The maximum penalty per family using this method is $2,085.
You can estimate your Marketplace health insurance cost for 2016 by clicking the image bellow.