This year, fines for skipping the ACA’s requirement that all qualified people obtain health insurance will jump to $695 per adult or $347.50 per child under age 18, or 2.5 percent of annual family income, whichever is higher.
This requirement is part of the Affordable Care Act’s Shared Responsibility Provision, and is unofficially referred to as the “individual mandate.”
The individual mandate went into effect at the beginning of January 2014 and continues each year. The penalty for not having coverage will be paid on your Federal Income Tax Returns for each full month you or a family member doesn’t have health insurance or an exemption and is based on your Modified Adjusted Gross Income (MAGI). The fee went up each year from 2014 – 2016 making it more important to look into coverage and exemptions options each year.
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