Following is information on the Individual Mandate of the ACA. However, note the tax penalty for individuals has been recently repealed. The penalty, prior to 2019, affects individuals who fail to obtain qualifying health insurance
. Individuals can have coverage through their employer, or through an individual policy to satisfy the requirement. Accordingly, if you do not have qualifying health insurance, the tax penalty will be $695 for adults. Additionally, the penalty is $347.50 for each child. However, the maximum family penalty is the greater of 2.5% of income, or three times the adult penalty, which is $2,085. Consequently, your penalty will be applied on your annual tax return. Watch video for more information.