If you don’t have a health plan that qualifies as minimum essential coverage, you may have to pay a fee for the months you’re uncovered. For 2016 the fee is the higher of these two amounts: 2.5% of your household income; or $695 per adult ($347.50 per child), up to a maximum of $2,085. You’ll pay the penalty on your federal income tax return. People with very low incomes and others may be eligible for exemptions.
- What are fees
- A one-page guide to the Health Insurance Marketplace
- Use the IRS Individual Shared Responsibility Payment Estimator to estimate your fee