By enrolling in one of the health plans, not only do you not pay penalty but you may also be eligible for tax credits, depending on your income, the percent of income used to pay for health care premiums for the second lowest cost silver plan. Just to give you an idea of what may get in tax credits, for a family of two with an annual income of $32,000, you may get tax credit in the range of $250-$300 per month!! There have been reports that a woman in Philadelphia was able to purchase a plan for $1/month (one dollar)!! That’s because she is getting enough tax credits to subsidize the cost of health insurance. Of course, the amount of tax credits you get depends on the state as the second lowest cost of a silver plan varies between states.

We can talk about different plans another time but there are basically four kinds of plans: bronze, silver, gold, and platinum.