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.
What is My Fee?
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.