17 Key Facts About the Affordable Care Act
You must have health insurance
The health reform law requires most U.S. citizens and legal residents to have health insurance in 2014 and beyond or pay a fine. In 2014, the penalty is $95 for an adult or 1% of income, whichever is greater. It’s half of that$47.50for uninsured kids, and up to $285 for a family. Fines increase every year. In 2016, it’s $695 per adult, $347.50 for kids, and up to $2,085 per family, or 2.5% of income.
Tip: If you have a religious objection to having health insurance or are experiencing a hardship that prevents you from buying insurance, you may qualify for an exemption from the coverage mandate.