Can You Get Fined if Your Health Insurance Doesn’t Meet ACA Requirements?
When you file your taxes, you may be asked if you had health insurance for the year. While this question seems straightforward, it’s important to understand the difference between having health insurance and having ACA-compliant health insurance. If you file your taxes with non ACA-compliant insurance, it may have a fine for not having minimum essential coverage.
What is ACA-compliant health insurance?
The Affordable Care Act (ACA) sets minimum standards for health insurance plans. Non-compliant plans will not meet the ACA’s requirements and may not provide the same level of coverage as ACA-compliant plans.
Important: Having a non-ACA compliant insurance will not actually prevent you from getting a penalty if your insurance is not ACA-compliant.
What are the penalties for not having ACA-compliant health insurance?
If you don’t have ACA-compliant health insurance, you may have to pay a penalty when you file your taxes. The penalty for not having health insurance in 2023 is $330 per adult and $95 per child under 18, or 2.5% of your household income, whichever is higher.
How can I find out if my health insurance is ACA-compliant?
You can contact your insurance company to ask if your plan is ACA-compliant. You can also check the Health Insurance Marketplace website to see if your plan is listed as ACA-compliant.
What if I can’t afford ACA-compliant health insurance?
If you can’t afford ACA-compliant health insurance, you may be eligible for premium tax credits. These tax credits can help you lower the cost of your health insurance premiums.
To learn about your options, you can visit the Health Insurance Marketplace website or call the Marketplace call center at 1-800-318-2596.
If you have any further questions about ACA-compliant health insurance, you can seek professional help from licensed insurance agents.
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