It may seem like a clever idea to save yourself cash by not purchasing health insurance, but with Obamacare kicking in, you’ll have penalties to pay, which could cost you big bucks in the long run. Not only are you playing financial Russian roulette – you could be forking out tens of thousands or hundreds of thousands of dollars if you’re injured in an accident or become seriously ill – you’ll also have to pay a penalty to the federal government for flouting the law, costing you hundreds or thousands of dollars more. A wiser decision if you’re uninsured is to start shopping on your state health exchange, which opened Tuesday — with glitches – as a key part of health care reform. If you skip the insurance, you’ll pay a penalty. For 2014 the fine is $95 for an individual or 1 percent of your income, whichever is greater, along with $47.50 per uninsured child, maxing out at $285 for the year. But by 2016, an individual would pay $695 or 2.5 percent of your income.The TurboTax website has a calculator to help you determine how high a penalty you’d pay.
The Affordable Care Act, a brand new turbotax.
Tags: Affordable Care Act, TurboTax
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