Right now, not a whole lot. However, come 2014, you will be legally obligated to purchase health insurance for yourself and your family, if you don't already have coverage via your employer or a private plan.
Of course, one of the most controversial aspects of the Affordable Care Act (ACA) is exactly how much this mandated insurance will cost, and whether that cost will increase if you have any pre-existing medical conditions. These days, Oklahoma citizens are accustomed to paying hundreds of dollars per month for medical coverage, even if their companies provide a portion of the premium—and for unemployed or self-employed individuals, the financial burden is even bigger. As the law currently stands, people who can't afford ACA premiums will be allowed to apply for government subsidies, though the details are still unclear.
However much the mandated insurance costs, it officially has been designated as a tax, thanks to the recent Supreme Court decision upholding the constitutionality of the ACA. What this essentially means is that the IRS (or, a new division of the IRS that has yet to be created) will be in charge of collecting this tax, and can inflict various penalties on those who refuse, or claim to be unable, to pay their premiums.
While liens, wage garnishments, and property seizures have been ruled “off limits” by Congress, the arsenal of the IRS may well include stiff fines and even the threat of jail time—which is why it's important to retain an experienced Oklahoma tax attorney from the law firm of Travis W. Watkins, PC. Contact us today at 800-721-7054 for a free case consultation.