Will I Be Fined For Not Having Health Insurance? 
Under the requirements of the Affordable Care Act -LRB- ObamaCare -RRB- as of January 1 , 2014 , with limited exceptions Americans are required to have major medical insurance that meets the requirements of the Affordable Care Act . If you do not have such coverage in effect then you will be subject to a tax penalty when you do your 2015 taxes in 2015 . The penalty for 2014 is $ 95 per adult & $ 47.50 per child -LRB- up to $ 285 per family -RRB- or 1 % of your Adjusted Gross Income , whichever is greater . This tax penalty will increase in subsequent years . However , the tax penalty can only be recovered by the IRS from an income tax refund that an individual or family is entitled to . Your bank account or wages can not be garnished by the IRS to assess the tax penalty . 