What Happens If You Drop Health Insurance? 
Of course you would be running the risk of financial ruin if something bad happens to your health , but I assume you already know that . In regards to the new laws , as part of the Affordable Care Act you are now required to carry health insurance . There are a couple of exceptions . You can refuse on religious grounds , or based on a fact that it is beyond your means to purchase health insurance -LRB- too expensive -RRB- . If the government disagrees with you , or if you ca n't take one of those exceptions , you may owe a penalty of 1 % of your income or $ 95.00 / person -LRB- whichever is higher -RRB- for 2014 . In 2015 that tax penalty goes up . Why are you considering dropping your health insurance ? Are you aware that many people qualify for free or reduced price health insurance under the Affordable Care Act ? 