people who choose not to buy health insurance will be charged a penalty of just $95 or 1% of their annual income whichever is higher in 2014. that penalty grows over time. a big concern is that in order to save money people will decide to pay the penalty instead of purchasing coverage and simply wait until they become sick to sign onto a health plan. if that’s your plan you may want to reconsider. open enrollment periods will be set up to discourage people from doing this. in year one for example. in most states you’ll be able to buy insurance through your state’s new marketplace beginning october 1 2013 through march 31 2014. if you don’t sign up for insurance you’ll be locked out of the market until the following year. if you become sick during that time you’ll be left to pay for your medical care on your own.
what if i don't buy health insurance? can't i just pay the penalty and sign up for insurance if i need it?