An adult who does not have health insurance by 2014 would be penalized $95 or 1 percent of income, whichever is greater, SO LONG AS THE AMOUNT DOES NOT EXCEED THE COST OF A BASIC PLAN. But by 2016, the penalty increases to $695 for an uninsured adult, and up to $2,085 per household, or 2.5 percent of income, whichever is greater.
It makes more financial sense to go ahead and buy the insurance from the exchange in 2014 and get a tax credit. You may qualify for a hardship exemption if you are low income. You could not possibly know what the insurance premiums will cost since the exchanges are not set up yet until 2014.
Here is the subsidy calculator to give you an idea of the cost of the insurance if you make under $88K per year.
ZARNEV: The IRS is not hiring 16,000 agents. It is 4,000 and they will process the tax credits mainly.