The Affordable Health Care Act is now in full effect. What this means is that all Americans that are within a certain income level are required to have health insurance.
Recent data shows that most individuals get their health insurance through their employers. The remaining consumers are either covered by private insurance or through federal or state programs, Medicare and Medicaid. Data also shows about 50 million Americans are still uninsured.
Individuals or families that fall below the income tax filing levels would not be fined. In addition, consumers that are underemployed or unable to find a policy that will cost them less than 8% of their adjusted gross income would also be exempt.
Here is a breakdown of the fees since the inception of the plan.
**The 2017 percentage rate will stay the same at 2.5%, however the flat fee will be adjusted due to inflation.