Maximum Fine for Not Having Health Insurance

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In July 2014, the IRS released the maximum allowable fines for those that do not have health insurance and violate the individual mandate of the Affordable Care Act.  Individuals earning more than $19,650 without health insurance will be fined 1% of their annual income to a maximum of $2,448.  For those earning between $10,150 and $19,650, the fine will be $95. For those earning less than $10,150 there will be no penalty for failing to purchase health insurance.

These fines are an incentive for the uninsured to purchase health insurance as they are a non-tax deductible penalty paid when filing 2014 taxes.