ACA penalties could Double this year for you!

The penalty for not having insurance will, at minimum, double.
Lastly, if you choose not to purchase health insurance in 2015 be prepared to open up your wallet significantly wider than you did in the previous year.

Source: via Flickr.

If you recall, penalties for violating the individual mandate – the actionable component of the ACA that requires citizens to purchase health insurance – in 2014 was the greater of $95 or 1% of your annual income. In 2015, those penalties will jump by somewhere between 100% and 242%, with the non-compliance penalty being the greater of $325 or 2% of your annual income.

On a side note, keep in mind that you won’t be taxed 2% of your annual income if you make a million dollars for example. The most you are on the line for as a citizen is the annual cost of a bronze-level plan. Similarly, there are a number of ways a citizen can be exempt from this penalty, including situations where there is an economic hardship, as well as in situations where you’d be forced to pay too much of your annual income toward your healthcare premiums. The point being, if you aren’t planning to sign up for health insurance, prepare to pay a steeper fine when you file your taxes in April 2016 for the 2015 year.

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