New mandate to buy insurance: Starting in 2014, individuals must be insured or pay a penalty.
The amount of the penalty rises annually from 2014 to 2016 and is adjusted for inflation thereafter.
In 2014, the penalty will be no more than $285 per family or 1% of income, whichever is greater. In 2015, the cap rises to $975 or 2% of income. And by 2016, the penalty would be up to $2,085 per family or 2.5% of income, whichever is greater.The dollar amounts for a single adult would be $95, $325 and then $625 during that same time period.
The amount of the penalty rises annually from 2014 to 2016 and is adjusted for inflation thereafter.
In 2014, the penalty will be no more than $285 per family or 1% of income, whichever is greater. In 2015, the cap rises to $975 or 2% of income. And by 2016, the penalty would be up to $2,085 per family or 2.5% of income, whichever is greater.The dollar amounts for a single adult would be $95, $325 and then $625 during that same time period.