Affordable Care Act: How much will it cost to opt out? - WTVM.com-Columbus, GA News Weather & Sports

Affordable Care Act: How much will it cost to opt out?

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Starting next year, Americans face two options: Get health insurance, or pay a fee.

Many consumers are not currently aware of the consequences if they decide to opt out.

"I really think there's a lot of health education that still needs to take place around this particular piece of legislation, and I don't think people are aware of the penalties," says Dr. Paula Walker of Columbus State University. "If they don't enroll in some insurance plan by March 31st, 2014, they will be assessed a penalty."

According to www.healthcare.gov the fee in 2014 is one percent of your yearly income, or $95 per person for the year, whichever is greater.

The payment for uninsured kids will be $47.50 per child, and the most money a family would have to pay in 2014 is $285.

However, the fee is expected to increase each year.

In 2016, it will be 2.5 percent of your income, or $695 per person, which ever one is higher.

A person will have to pay when he or she files tax returns.

"That's when you will be assessed for a penalty if you have not enrolled in an insurance plan, so there's no way to escape," says Walker. 

Remember, 2014 taxes are due April 2015.

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