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PENALTY FOR HEALTHCARE

The new leg­is­la­tion elim­i­nates the Afford­able Care Act’s indi­vid­ual man­date or what it’s bet­ter known as Oba­macare. It’s not for this tax sea­son so if you went with­out health insur­ance sor­ry to break it to you, but you are going to be penal­ized unless you qual­i­fy for an exemp­tion of some type. The no penal­iza­tion will occur for the year 2019.

The penal­ty for going uncov­ered for 2018 will be $695 per adult or 2.5% of house­hold income in excess of tax fil­ing thresh­olds, whichev­er is high­er. The dead­line for open enroll­ment was Dec 15th. There was  plen­ty of bar­gains out there: Kaiser Fam­i­ly Foun­da­tion esti­mates that more than half of sub­sidy-eli­gi­ble, unin­sured indi­vid­u­als could buy a bronze-lev­el plan for no pre­mi­um contribution—that is, a $0 pre­mi­um. Doesn’t hurt to call around and see what is avail­able for you.

Because of the tax penal­ty is going to van­ish I would still sug­gest to have health insur­ance in case of any trag­ic acci­dent you are cov­ered.