The Affordable Care Act (ACA) includes a requirement, referred to as the “individual mandate,” that all US citizens attain health care coverage (insurance), or pay a tax penalty. This includes both adults and children who are legal US citizens.
The individual mandate is fulfilled by obtaining a form of health coverage. Certain groups are exempt from the requirement, including those whose income level is below the threshold for filing a tax return.
Learn More: Individual Mandate
Those who do not obtain and maintain health insurance coverage will be subject to tax penalties, starting in 2014. The amount of the penalties increases each year.
The individual mandate took effect on May 1st, of 2014. Individuals who did not have the minimum essential coverage requirement met by that date can expect to have a tax penalty assessed against them when they file 2014 taxes.
Individual Mandate – Obamacare Facts.com
The fee you pay if you don’t have health coverage – Healthcare.gov
Fees & Exemptions – Healthcare.gov