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Your fine is $95 (for an adult) if you don't purchased the required health insurance in 2014. Actually, it's a tax (just a matter of semantics). This amount will increase with additional family members and in subsequent years, the tax will go up.
To minimize your cost, use an experienced broker that can help you shop, compare and apply for coverage. You may also be eligible for a federal tax subsidy that could substantially reduce your premium.
You'll find this answer to be 100% accurate and quite correct!
Individual Penalties
2014- Greater of $95.00 per Adult, $47.50 per child ($285.00 Maximum for family) or 1% of taxable household income
2015- Greater of $325.00 per Adult, $162.50 per child ($975.00 Maximum for family) or 2% of taxable household income
2016- Greater of $695.00 per Adult, $347.50 per child ($2085.00 Maximum for family) or 2.5% of taxable household income
Mr. Benore has a more complete and correct answer. I must add, if you employ more than 50 full time equivalent employees you must provide a qualified health plan (QHP) for 95 % of those employees and the maximum each employee contributes to that cost is 9.5% of gross income graded according to an income scale.
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To minimize your cost, use an experienced broker that can help you shop, compare and apply for coverage. You may also be eligible for a federal tax subsidy that could substantially reduce your premium.
You'll find this answer to be 100% accurate and quite correct!
2014- Greater of $95.00 per Adult, $47.50 per child ($285.00 Maximum for family) or 1% of taxable household income
2015- Greater of $325.00 per Adult, $162.50 per child ($975.00 Maximum for family) or 2% of taxable household income
2016- Greater of $695.00 per Adult, $347.50 per child ($2085.00 Maximum for family) or 2.5% of taxable household income