Is there a tax penalty for not having insurance under Obamacare?

Under the Affordable Care Act, commonly known as ObamaCare, an individual must either pay a fee or have a health coverage exemption if he chooses not to purchase health insurance, as of 2015, according to HealthCare.gov. There are various types of fees and exemptions.

The initial individual mandate required that the majority of Americans obtain health insurance by 2014, or be forced to pay a tax penalty, notes ObamaCare Facts. If an individual fails to have coverage in 2015 and after, and does not qualify for an exemption, he must pay 2 percent of his yearly household income or $325 per person for the year, whichever is higher, as stated on HealthCare.gov.