Get help paying for health coverage

Individuals earning between $15,302  and $46, 021 can qualify for a discount, as can families earning between $31,155 and $93,700. Subsidies are available up to 400% of the poverty line for individuals and families on a sliding scale based on income. Kaiser Family Foundation has a calculator where you can see if you will be eligible for health care subsidies based on family size, age, etc.

What happens if I choose to go without health coverage?

The penalties for not having health coverage in 2014 will be $95 or 1% of a person's income, whichever is greater. By 2016, the penalty rises to $695 per person or 2.5% of income. For families, the tax will be $285 in 2014. By 2016, that family penalty will rise to $2,085 or 2.5% of income.

The penalty will be collected by the IRS from your tax return. Penalties only apply if you are not covered through work and you do not by a policy on your own; if you have Medicare, Medicaid, or any other government-affiliated health service; and if you would have to spend more than 8% of your household income to get coverage.

Image of Clark Howard About the author: Clark Howard

Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to save more, spend less and avoid getting ripped off. View More Articles

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