A requirement that most Americans obtain health insurance by January 1, 2014. If you don't have health insurance in 2014, you'll pay a penalty equal to the greater of $95 per adult and $47.50 per child (up to $285 per family), or 1% of your family income. The penalty will increase significantly in 2015 and 2016:
- The 2016 tax penalty for going without coverage is 2.5% of your income or $695 per adult and $347.50 per child. You’ll pay the higher of the amounts. In future years, the fee is adjusted for inflation.
- For 2016 and later: The greater of $695 per adult and $347.50 per child (up to $2,085 per family), or 2.5% of your income.
There are exceptions to the individual mandate. See Understanding Your Insurance Options