The Affordable Care Act (ACA) was enacted to insure that all Americans have access to affordable health care. That’s good news for those who couldn’t previously afford health insurance. But now that ACA is the law, getting health insurance isn’t just a “nice to have” – it’s mandatory. If you have the ability to purchase health insurance, but choose not to, you will face a tax penalty. So if you choose to forego coverage in 2016, you’ll be taxed – $695 per person/per household, or 2.5% of your income, whichever is greater.