Economy Now

Instant reaction and smart charts on economic trends.

No health insurance? Prepare to pay the penalty

March 10, 2014: 6:00 AM ET

Time is running out to sign up for individual health insurance. And if you don't have some type of coverage this year, be prepared to pay a penalty.

Obamacare requires most Americans to get insurance through an employer, the government or directly from an insurer in 2014. If they don't, they have to fork over a fee to the Internal Revenue Service at tax time.

Uninsured adults will either pay a flat fee for themselves and their children or pay a share of their income. For 2014, it's $95 or 1% of income, per adult, whichever is greater. The penalties go up in later years.

Most low-income residents will only have to shell out $95, but the costs can add up for others. An individual could be socked with a $3,600 charge, and a couple with two children could owe between $285 and $11,000.

How much will you have to pay? The Tax Policy Center has created a calculator to help you tally the penalty.

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.23%4.19%
15 yr fixed3.26%3.27%
5/1 ARM3.70%3.38%
30 yr refi4.22%4.18%
15 yr refi3.26%3.26%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
Powered by WordPress.com VIP.
Follow

Get every new post delivered to your Inbox.

Join 84 other followers