17 Key Facts About the Affordable Care Act

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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—$47.50—for 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.

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