There is no longer a penalty UNLESS you live in a state that requires it.
Previous penalty for not having health insurance in 2018
The fee was calculated 2 different ways – as a percentage of your household income, and per person. You pay whichever is higher.
Percentage of income
- 2.5% of household income
- Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace
- $695 per adult
- $347.50 per child under 18
- Maximum: $2,085
However, the fee is prorated and the average penalty is around $200.
Additionally, there is no penalty if you have had ACA compliant coverage for 10 months. This means you can purchase a less expensive short term plan to cover you for November and December with no penalty.
The fee for not having health insurance in 2020
There is no penalty for not having ACA mandated coverage in 2020 unless you live in a state like New Jersey or Massachusetts where it is mandated by the state. Because of this, short-term medical plans will be extremely popular in 2019 because they provide access to larger PPO networks at lower prices than ACA Bronze plans.