What to Know if You Opt Out of Buying Health Insurance Under Obamacare

 If one opts out of getting health insurance, one will have to pay a penalty, or I like to refer to it as a tax!  The penalties are not very high to start.  In 2014, the fine to remain uninsured is $95 per person (up to a family maximum of $285, or 1 percent of family income, whichever is greater).  However, the penalty will increase significantly in the next two years, with the tax running as much as $695 per person by 2016.  The family maximum would be as high as $2,085, or 2.5 % of family income, whichever is greater.

One can calculate how much your health insurance premium would cost by using the Kaiser Family Foundation Subsidy Calculator, and then you can compare the tax you would be assessed for having no insurance.