What happens under the new healthcare bill if you only have health insurance for part of the year?

I know you get fined about 700$ by the IRS if you don't have health insurance. But what's the details on that? What if I had it for the last month of the year? Is there a grace period? MA allows you I think 3 or 6 months after losing insurance to get new insurance. Can I get insurance for one month, cancel it, wait for the grace period to expire, get it again, cancel again?
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unfortunately we still don't know everything in the bill. we might not find out until it actually rows out in a few yrs.
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