The penalty is the greater of 1% of family income or $95 per year (but they reduced that to $47.50 for children) if you do not have health insurance this year. But now, federal officials have decided to cap the potential liability to $2,448 per person, based on the national average annual premium for a bronze level health plan. So you’re in trouble if you do not buy…just not as much trouble as you may have feared.