Mathman, Not quite. You can also make the choice to either
a: pay 2% of your income in taxes as a penalty for not buying insurance
or
b: buy the insurance
My son is considering sticking with option a. Of course, right now, it costs him nothing to not buy insurance, so he isn't thinking this bill is a wonderful deal for him. He cannot afford to spend 7% or so of his income on insurance at this time, so 2% to not buy it is still cheaper.
He used to buy insurance, but since he turned 40, it is 3x more expensive, and he can't afford it any more. The bill still allows insurance companies to charge 3x more, so it is no help whatsoever.
a: pay 2% of your income in taxes as a penalty for not buying insurance
or
b: buy the insurance
My son is considering sticking with option a. Of course, right now, it costs him nothing to not buy insurance, so he isn't thinking this bill is a wonderful deal for him. He cannot afford to spend 7% or so of his income on insurance at this time, so 2% to not buy it is still cheaper.
He used to buy insurance, but since he turned 40, it is 3x more expensive, and he can't afford it any more. The bill still allows insurance companies to charge 3x more, so it is no help whatsoever.