Individual Mandate Penalties 2014 and Beyond

Beginning with the 2014 tax year, Individuals must purchase an ACA qualified health plan or face a tax penalty. The rule says a person cannot go more than 90 days with qualified health coverage. The penalty is a flat fee or a % of income – whichever is higher!

• 2014 - $95 per adult, $47.50 per child, $285 per family, or 1% of family income
• 2015 - $325 per adult, $162.50 per child, $975 per family, or 2% of family income
• 2016 - $695 per adult, $347.50 per child, $2,085 per family, or 2.5% of family income

NOTE: While an ACA plan must include the 10 essential health benefits, some plans have chosen not to embed the pediatric dental and vision into their medical plans. They must offer a dental option, but the individual is not required to take this and will not face a penalty for not having Pediatric Dental Coverage.