Starting in 2014, adults under the age of 65 who are uninsured or who have "individual" coverage - which means the individual or family buys health insurance, rather than receiving it through their employer - will have many new health plan options. The Health Insurance Marketplace allows an individual or family to compare health plans based on price, benefits, quality and other important features.
People without insurance may face tax penalties that will be phased in and increased over several years. The penalty for the 2014 tax year will be $95 per person or one percent of a household's taxable income, whichever is greater. The penalty amount will be reduced by one-half for dependents under the age of 18.
You won't have to pay a penalty if you don't make enough money to file a federal tax return or if you would have to spend more than eight percent of your household income on the least expensive plan that's available to you. Another exception is based on showing that a "hardship" prevented you from becoming insured (known as a "hardship exemption.")
Some of the other groups who are exempt from the mandate and its associated fines include: Americans living abroad, people who go without insurance for less than three months of the year, people who qualify for religious reasons and members of a federally recognized Indian tribe.
People who believe they are exempt from the individual mandate can apply for an exemption through the federal government asking not to pay a fine. You would make this request through the Health Insurance Marketplace.
