Primarily, it required that those without insurance get it or pay a significant penalty. When you file your taxes, you now have to provide information about your health insurance. If you or your dependents don't have health insurance in 2015, you will pay a minimum of $325 per person ($162.50 for dependents), up to a maximum penalty per family of $975. Or if 2% of your income is higher than this per-person penalty, you must pay that amount instead.
The Obamacare penalty will increase even higher in 2016.
There are exemptions from this penalty, which fall in three main categories.
About the Obamacare Penalty
Obamacare comes with a stiff penalty for those who different have insurance. We're going to talk about how much that penalty is, and exactly what are options are for avoiding it.
Obamacare Penalty Exemptions
The second category is membership in certain groups. For example, if you belong to a Native American tribe or belong to certain religious sects, you may qualify for an exemption.
The third category for exemption is membership in a healthcare sharing ministry.
Healthcare Sharing Ministry Exemption
This is the reason why my wife and I joined MediShare. We wanted the benefits of health insurance, affordability, and exemption from the expensive Obamacare penalty.
Whether you join MediShare like we did, or join a different healthcare sharing ministry, I would highly recommend exploring this alternative to conventional health insurance.
If you belong to a healthcare sharing ministry, or have another alternative to Obamacare to suggest, please contact me or share it in the comments. I would be very happy to hear from you.