yes the tax penalty is small in 2014 but it will increase in subsequent years. one reason to have insurance is to protect you against a catastrophic event such as a car accident or a cancer diagnosis. without insurance something like that could push you into bankruptcy. in addition there are other benefits of insurance such as access to free preventive care coverage for prescription drugs and coverage for doctor's visits. if your income is low you should check with your state's marketplace/exchange because you may qualify for federal assistance to help you pay the premium.
what is the point of getting health insurance from the exchange since the tax penalty is so small? . i can't afford the monthly premiums any way.