Under Obamacare guidelines, individuals are for any month they, their spouses, or tax dependents don鈥檛 have health insurance that meets the minimum coverage requirements.
The penalty amount is calculated as either a percentage of household income or individually -- whichever is higher -- and has jumped from $285 per person in 2014 to $2,085 per person in 2016.
For some people, even the lowest cost Bronze level health insurance plan available in the federal health insurance marketplace may still be unaffordable. The government allows those people for whom a health insurance plan would cost percent of their household income to apply for an exemption.
However, 鈥淸t]here are for failing to pay the fee,鈥� according to the health insurance Marketplace. The IRS will simply hold back the amount of the fine from any future tax refunds.
