The Internal Revenue Service (IRS), which is responsible for assessing and collecting penalties on individuals and families who lack health insurance, has now capped the 2014 penalty for individuals at $2,448 and at $12,240 for families of five or more.
This, of course, depends on income and family size. The basic fine for not having health insurance under the Affordable Care Act (ACA) is $95 per individual or 1 percent of income, whichever is greater.
The newly established IRS upper limits for the 1-percent income assessment is based upon what it calculates as the average monthly premium for an Obamacare Bronze Plan, which it says is $204.
The new policy is laid out under IRS Revenue Procedure 2014-46.