7. The Tax Penalty for not having a qualified health plan increases in 2015, 2016, and beyond.
Each year, the penalty for not having a qualified health plan increases. In 2014 it was $95 per person for the year ($47.50 per child under 18), or 1% of your yearly household income whichever is greater). For 2015, the penalty will be $325 per person or 2% of your yearly household income. In 2016, it will be $695 per person or 2.5% of your yearly household income. As time goes on it will continue to be adjusted for inflation.
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