A good laugh and a long sleep are the best cures in the doctor’s book. ~ Irish Proverb (Photo by Vangelis Thomaidis)

The 2014 tax year was the first year that people with no health insurance had to pay a penalty. Because there were so many caught off-guard, a special enrollment period was opened to help people get health coverage for 2015.

The penalty for not having health insurance, or an exemption, last year was $95 per adult and $47.50 per child (up to $295 for a family) or 1.0% of family income, whichever is greater. The penalty for not having health insurance, or an exemption, this year will be $325 per adult and $162 per child (up to $975 for a family) or 2.0% of family income, whichever is greater.

Everyone who does not have an exemption needs to purchase health insurance to avoid paying a penalty when they file their 2015 taxes next year.

Today’s guests are Graham McCaulley and Brenda Procter. Both are associate professors of finance for University of Missouri Extension.

Subscribe to Extension on the Go through iTunes

Affordable Care Act Marketplace

University of Missouri Extension Health Insurance Education Initiative