What You Need to Know About Opting Out of Obamacare

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  • Who Doesn’t Want Health Insurance?
  • How Long Do I Have to Decide?
  • What Is the Penalty?
  • Why Is There a Penalty?
  • Who Can Get an Exemption?
  • Does the Government Just Want Our Tax Money?
  • The Bottom Line
  • What You Need to Know About Opting Out of Obamacare

What Is the Penalty?

The penalty for now isn’t expensive: It’s $95 per person, up to a family maximum of $285, or 1 percent of family income, whichever is the most. But by 2016, that number goes way up to $695 per person and the family max could be $2,085. FYI: If you pay the penalty, you do not have health care and will have to pay 100 percent of all your health-care costs. 

(Photo: Jim Bourg /Landov/REUTERS)

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