What Happens If I Don’t Buy Obamacare Coverage?

While most uninsured Americans are aware that the failure to purchase Obamacare will cost you a fee (or as the Supreme Court calls it, a tax), most of us don’t know how that fee is calculated – or when the fee will need to be paid.

Logo of Kaiser Family Foundation
Logo of Kaiser Family Foundation

What is My Fee?

The Kaiser Family Foundation has created a simple flowchart to help you determine what you will owe, and when.

In a nutshell – For 2014 the base fee is $95 per adult and $47.50 per child – OR 1% of family income, whichever is GREATER. So, you could end up paying more.

In 2015 the fee jumps to $325 per adult and $162.50 per child OR 2% of family income, whichever is greater.

In 2016, the fee will be $695 per adult and $347.50 per child OR 2.5% of family income, whichever is greater.

Be sure to take a look a the Kaiser Family Foundation flowchart, which also covers the exceptions to the rule. Many people will not be required to pay a fee at all. Link to the flowchart:  Flowchart – The Requirement to Buy Coverage Under the ACA

Also, if you are wondering how to calculate your Obamacare premium cost, see my article about the Obamacare Premium Calculator.

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