The penalty for not having health insurance in 2015 is the greater of 2 percent of household income for the year, or $325 per adult and $162.50 per child, according to Healthcare.gov. In 2016, the penalty rises to the greater of 2.5 percent of household income or $695 per adult.Continue Reading
Penalties based on the number of individuals in the household are capped. For 2015, the maximum per family is $975, states Healthcare.gov. The other penalty, based on income, is calculated after a floor has been subtracted. For 2015, the floor for an individual is about $10,150.
Both versions are based on qualified health care coverage for each month, and a number of exemptions exist to eliminate the penalty. The penalty is calculated and paid when the individual or family files an income tax return, according to the Internal Revenue Service.Learn more about Health Insurance