Taxpayers Who Fail to Secure Health Insurance Face Fines

Millions of American consumers will face new challenges when they attempt to file their taxes because 2015 marks the first year Obamacare, including its tax penalty provision, takes effect.

“There are quite a number of moving parts that taxpayers have not had to deal with,” Kristin Esposito, technical tax manager for the American Institute of Certified Public Accountants, tells The New York Times.

For individuals who obtain health insurance through their employer or who have purchased insurance, they are not likely to face additional problems, but for the millions who either aren’t covered or bought coverage through a marketplace, they might be facing steep costs.

“When you don’t have health insurance … you put your financial security at risk. That’s because under the new Affordable Care Act (ACA) legislation, millions of Americans will have to pay an increased penalty tax of at least 2 percent of their income in 2015 if they go uninsured,” warned a mailer sent to consumers by CareFirst BlueCross BlueShield that was obtained by The Hill.