Posted on Monday, September 9, 2013 by Health_and_Fitness
Starting January 1, 2014, if someone doesn't have a health plan that qualifies as minimum essential coverage, a penalty will apply. The penalty fee is equal to one percent of a person’s income or $95 per adult (whichever amount is higher) in 2014 to 2.5 percent of income or $695 per adult in 2016. The fee for children is half the adult amount. It's important to remember that even when an individual pays the penalty, they won't receive any health insurance coverage, and they are still responsible for 100 percent of the cost of their medical care.
After open enrollment ends on March 31, 2014, individuals won't be able to get health coverage through the Marketplace until the next annual enrollment period, unless there is a qualifying life event.