Health and Human Services Secretary Kathleen Sebelius is still hard at work deciding the laws that Congress abdicated to her when they passed ObamaCare, because remember, only Congress can make laws, but never mind, Kathleen is clarifying that if you decide not to be insured by ObamaCare, it will cost you a $95 penalty in 2014 and will boost it’s way up to $695 by 2016. Some experts believe the mandate is too weak, so expect the penalty to soar:
In 2014, people who choose not to buy insurance and don’t quality for an exemption from the mandate will have to pay a fine of $95. The penalty increases to $695 by 2016, and then rises annually based on a pre-determined formula.
Although conservatives have railed against the mandate since Obama adopted it in 2009, some policy experts are concerned that it’s too weak to work — that it won’t be an effective incentive for young, healthy people to buy insurance…Source: The Hill
There is no penalty for those not paying income taxes and those who cannot afford the penalty – which is about 50% today, isn’t it? Maybe more? Yes, expect your penalty to soar.