Tag Archives: Affordable Care Act Penalty 2014

Do I have to pay a penalty if I have no insurance?

Question: Do I have to pay a penalty if I have no insurance (No Obamacare or No Affordable Care Act?)

Answer: If you do not qualify for an exemption from Affordable Care Act and decide not to buy insurance, you will have to pay a penalty.

In 2014, the penalty is 1 percent of your annual household income or a fee of $95, whichever is greater.  There is a cap of the 1 percent penalty.  Imagine Bill Gates not having insurance and penalty a 1% penalty on his income.  The maximum penalty is the premium for your household size for the national average of the Bronze plan.  For 2014, the maximum annual penalty was $2,448 per individual up to $12,240 for families of five or more.