…whether you want it or not.
Would you rather buy food, clothing, pay off student loans, help out your sister who’s on the verge of bankruptcy? Too bad. Health insurance is your top priority now. What’s that? You say you’re young and healthy and can get by without insurance for now? The government needs your premium money in particular!
Under the ACA, uninsured Americans have until the beginning of 2014 to purchase insurance through health-care exchanges being set up nationwide or other venues—or face a financial penalty. That penalty is equal to $95 per adult, and $47.50 per child, up to a maximum of $285—or 1 percent of household income, whichever is greater.
Those penalties will escalate in future years.
I’m not sure those penalties are right. I’ve heard higher.