What are the penalties for those who don’t meet the individual responsibility requirement? And are there exceptions?
If you don’t meet the individual responsibility requirement, which takes effect in 2014, the following penalties will apply (note that they’ll be phased in over a few years): The greater of $95 or 1% of income in 2014; $325 or 2% of income in 2015; and $695 or 2.5% of income when fully implemented. There is a cap equal to the annual premium for the Bronze plan. These are indexed to the Consumer Price Index.
