For the first year, the charge for not obtaining health insurance is $95 or 1 percent of household income. The penalty will increase, though, to $695 per person or 2.5 percent of household income in 2016 and then according to a cost-of-living formula for following years.
There are, however, a number of exemptions to the penalty.
For instance, Americans who qualify for Medicaid coverage but live in states that have not taken part in the law’s expanded Medicaid will not be charged. Neither will people who are temporarily uninsured while between jobs, those who are opposed to having insurance coverage for religious reasons or members of Indian tribes.
“Today’s rules ensure that millions more Americans will be able to get quality health care coverage at an affordable price, that provides health security for their families and bans discrimination against people with pre-existing conditions once and for all,” a Treasury Department spokesperson said in a statement sent to The Hill.
The IRS refers to the fine as a “shared responsibility payment.“
Paging Wesley Mouch…
REMINDER: This is the same IRS who targeted Conservative groups. Now they can do it on the individual level.