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penalties
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You are required to pay tax penalty if:

  1. you do not have qualifying health care coverage (referred to as Minimum Essential Coverage (MEC))
  2. you do not apply for and receive an exemption.

The amount of the penalty is 1/12 of the annual penalty for each month that you do not have qualifying coverage.

Tax penalty (also referred to as a fine) for not having coverage in 2015 has increased from 2014 as shown below. Penalties are subject to a maximum amount.

 
2014 1% of your yearly household Modified Adjusted Gross Income (MAGI) above the amount at which you're required to file taxes, or $95 per person ($47.05/child)-whichever is greater.
2015 2% of your yearly household Modified Adjusted Gross Income (MAGI) above the amount at which you're required to file taxes, or $325 per person ($162.50/child)-whichever is greater.
2016 2.5% of your yearly household Modified Adjusted Gross Income (MAGI) above the amount at which you're required to file taxes or $695 per person ($347.50/child)-whichever is greater.