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Being an uninsured American will cost you.

Being an uninsured American will cost a lot in 2015.  It is the first year taxpayers will need to report to the Internal Revenue Service, whether he or she had healthcare coverage for 2014.

This is an requirement under President Obama’s Affordable Care Act law.

The Americans who remain uninsured will face fines, unless he or she qualify for one of the 30 exemptions, which most will involve financial hardships.

Many consumers do not realize it, but the fines will be going up significantly in 2015. Based on government figures, the fines for 2015 will jump to $325 or greater of 2%. By 2016, the average fine will increase to $1,100.

 

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