It's now the law: If you don't have health insurance, you may have to pay the government a penalty. But how does that work exactly?
The Affordable Care Act requires most Americans to have health insurance for at least nine months out of the year. That effectively makes March 31st the deadline to sign up for insurance or face the penalty. In this first year, the penalty for an individual is either of two things, whichever is greater. It can be a flat $95 or 1 percent of your income that's above the minimum income that requires a person to file a tax return. The current minimum is $10,000, so if you make $50,000 a year, your penalty would be 1 percent of $40,000, or $400. Several groups are exempt from paying the no-insurance penalty, including those who earn less than that $10,000 tax-filing threshold.
For more answers to questions about the Obamacare penalty, visit Bankrate.com. I'm Doug Whiteman.
Most women don't have a policy or are under-insured.
A Bankrate.com survey of uninsured Americans finds many plan to continue without coverage.
Not sure when to review your insurance policy? Experts share their thoughts on when to do so.
Big changes are in store for America's health insurance system. Do you know how it will affect you?
Want to save on insurance? Make sure to check on any new discounts your insurer may be offering.
Can a couple find common ground when it comes to debt?
Follow this 6-month homeowner countdown so you are ready come closing day.
Pay attention to fees on prepaid cards because in most cases you can avoid them.
Sleep better at night knowing you have extra money tucked away for unplanned expenses.
Do you want your kids to be smart about money? Follow these tips to get them started.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Compare multiple quotes in just 6 minutes
Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.
Travel, trusts and green building coverage set new Fireman's Fund home policy above the rest.
... Read more