What if you don't have health coverage?

The Affordable Care Act states that every person in the US must have minimum health coverage in 2014. The penalty for not having coverage is paid on your 2014 taxes when you file in 2015. The penalty is 1% of your income or $95.00 whatever is higher. For uninsured children under 18 in the household the penalty is 47.50 per child. For example a married couple with two dependent children under 18 would pay 400.00 per adult and 200.00 per child  for a total of 1200.00 . This amount increases for the tax year 2015 to 2% or 325.00 per person whichever is greater. The same family  in 2015 would pay 2400.00 penalty in 2016 for  not having coverage.
Under the ACA this family would qualify for a subsidy on the exchange where the income limits are up 400% of the poverty level for a family of four.
The are changes coming to health care markets as more carriers are putting different plans on the marketplace exchange. There are some indications that premiums are going to be lower when the AEP rolls around. Right now most individuals and families are locked out of obtaining coverage on the open exchange unless you have a special qualifying event which will grant you a SEP period up to 90 days to obtain coverage and don't have to pay the penalty. Talk to a licensed broker about your options . You can give me a call at 610-427-8122 ext 5 I will be happy to help.