New law requires individuals to buy health insurance or pay IRS penalty
By Ben Carlson
Wednesday, October 2, 2013 at 8:06 am (Updated: October 2, 8:20 am)
Obamacare, the federal law that forces individuals purchase health insurance, went into effect Tuesday when the state’s insurance exchanges opened for business.
Officially called President Obama’s Affordable Care Act, the law was passed in 2009 and requires individuals who have no health insurance or whose health insurance does not comply to purchase it or face financial penalties from the Internal Revenue Service.
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