I keep hearing about penalties relating to the new Affordable Health care. I currently do not have health insurance, which I suppose makes me a target for this fee. I have tried to research it, but haven't been able to find clear-cut information. When exactly is the dead-line to have health insurance, and how much would the fee be if I don't acquire it by then?
From what I understand when I person goes to file their income taxes and they haven't signed up for an insurance policy this is where the penalty comes into play. At least this is what I understand. I don't know definitely that this is the case because I have health insurance through my state program. I do know someone though who at the moment isn't insured because they could no longer afford to pay the high monthly premium. I don't fault you for not being insured, so far I am very disappointed in the ACA it seems to only be benefiting the Health Insurance companies more then the individuals which I think was the original intention till all those changes were made to it.
I signed up with the ACA in January of this year and I believe the deadline is February 15, 2015. The penalty won't happen until 2016 when you file. If you have a refund it will be deducted from that. There hasn't been any reference to how much it will be on any site that I've visited. So we won't know until a letter comes in the mail.
