Individual Penalty for not having Health CoverageBeginning in 2014, individuals who do not have health coverage will be assessed a penalty at the time of their tax return filing. The individual penalty for not having health coverage in 2014 will be $95 (or a maximum of $285 per family).In 2015 this will increase to $325 for an individual ($975 per family) and in 2016 it will be $695 per individual ($2,085 per family).
Information from Health insurance Companies will provide the IRS with documentation to confirm or deny the existence of health coverage.
An alternative penalty may be considered if there is a high gross family income. The income (if over $200,000) is multiplied by the penalty factor and the higher penalty is applied. Penalty factors are 1% 2014, 2% 2015 and 2.5% 2016.