To try to ensure that people sign up for coverage, the Affordable Care Act carries complex penalties for those who remain uninsured that could cost them hundreds, or even thousands of dollars. Some 6 million people could be hit with these fines in 2016, forking $7 billion over to the federal government, according to the Congressional Budget Office. ...
Here's how the penalties will work:
Uninsured adults will either pay a flat fee for themselves and their children or pay a share of their income, whichever is greater. ...
Not every uninsured person will be subject to the penalty, however. In fact, 80% of the 30 million Americans expected to lack coverage in 2016 will be exempt from the mandate, according to the Congressional Budget Office.
Among those exempted include: undocumented immigrants, Native Americans and those who earn too little to file tax returns. Also, people who would have to pay more than 8% of their income for health insurance and poor adults who live in states that are not expanding Medicaid also aren't subject to the penalty. The uninsured can also file for hardship exemptions.
(Excerpt) Read more at money.cnn.com ...
