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Health Insurance Glossary

Definitions for common health insurance terms

Obamacare penalty

DEFINITION:

Under the individual mandate provision of the Affordable Care Act, Americans will be required to purchase health insurance, starting in 2014. Those who, for whatever reason, decide to not purchase coverage, would face a tax that’s built into the law. Fortunately, all but a small percentage of Americans won’t need to be concerned about the penalty. If you’re wondering about the size of a penalty you would pay, you can use this penalty calculator.