It is important for everyone to try and understand as much as they can about the new health care reform law and how the changes will effect them. One part in particular, the individual health care mandate, is a specifically important area that everyone should understand because if they don't, they may risk breaking the law and getting fined by the government.
The individual mandate in the health care law has been one of the most controversial parts because many feel that part of the health care law is unconstitutional since the government is forcing its citizens to purchase a product. While the courts are deciding the constitutionality of the individual health care mandate in the health care reform law, the mandate will likely go into effect before a decision is made so knowing how the law will effect individuals is important.
Let's take a basic look at the current fines one will be required to pay if they break the government's individual mandate law by not purchasing health insurance before the specified date below:
2014: The individual mandate will start. If an individual chooses not to purchase health insurance they will be fined $95 per person/per year and for the family whatever is greater: up to $285 or 1% of the household taxable income.
2015: The individual mandate increases from 2014 to $325 per person/per year and for the family whatever is greater: up to $975 or 2% of the taxable household income.
2016: The individual mandate increases again from 2015 to $695 per person/per year and for the family whatever is greater: up to $2,085 or 2.5% of the taxable household income.
