In the aftermath of last week’s surprise 2014 waiver of the employer-mandate to provide health insurance or face a fine, HealthPocket surveyed consumers to assess their feelings regarding the decision not to extend a similar penalty waiver to uninsured consumers.
For employers with 50 or more workers in 2014,1 there was a $2,000 penalty per full time employee for those employees not provided health insurance meeting the requirements of the Affordable Care Act. This insure-or-face-a-penalty provision does not become active for employers until 2015 now that the waiver for 2014 has been announced. However, most consumers still face a penalty for being uninsured starting in 2014. The 2014 penalty amount for individuals is 1% of their annual income or $95, whichever is the larger amount. Families face higher penalties than individuals and the penalty amount itself increases each year until 2016 when it reaches $695 or 2.5% of annual income for individuals, whichever is larger. After 2016 the penalty is adjusted based on cost-of-living.
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