Forgoing Health Insurance Is About To Get Pricier
In 2016, penalties will increase for Americans who don't have health insurance but could afford it.By Katie Link | October 19, 2015
"We can now say this for certain: The Affordable Care Act still stands. It is working, and it is here to stay," President Obama said during a weekly address in June. (Video via The White House)
It's here to stay, and it's getting pricier for some. The federal penalty for not having health insurance is set to rise next year to 2.5 percent of taxable household income or $695 per person, whichever amount's greater.
The penalty applies to people who can afford health insurance but choose not to buy it. In 2015, uninsured Americans paid 2 percent of their yearly income or $325 each to the government.