Is Health Insurance Still Mandatory After December 15?
The deadline to enroll in health insurance coverage through the Affordable Care Act (ACA) is December 15th. After this date, you will not be able to enroll in a plan until the next open enrollment period, which begins in November 2023.
However, this doesn’t mean that health insurance will become optional after December 15th. The ACA individual mandate is still in effect. This means that most people are required to have health insurance coverage or pay a penalty when they file their taxes.
The penalty for not having health insurance in 2023 is $695 per uninsured adult and $347.50 per uninsured child, up to a maximum of $2,085 per family. This penalty is assessed on your tax return, so you will not owe it until you file your taxes in 2024.
As mentioned, there are some exceptions to the individual mandate. You do not have to have health insurance if:
You are below certain income limits You can learn your eligibility if you provide me with your income and zip code.
You qualify for a hardship exemption
You are a member of a federally recognized Indian tribe
You are incarcerated
You are not a U.S. citizen or legal resident
If you are not sure whether you qualify for an exemption, you should contact a licensed health insurance agent. They can help you determine whether you are required to have health insurance and can help you find a plan that meets your needs.
Even if you are not required to have health insurance, it is still a good idea to have it. Health insurance can protect you from unexpected medical expenses, such as hospital bills, doctor visits, and prescription drugs. It can also give you peace of mind knowing that you are covered in case of an emergency.
If you need help finding health insurance, you can contact a licensed health insurance agent. They can help you compare plans and find one that fits your budget and needs. You can also enroll in a plan through the Health Insurance Marketplace.
Question? or Need a Free Quote?
Contact Us
Reach out to us for free expert insurance advice and solutions. We will help you solve ACA (Obamacare) related questions and problems. Will contact you within 24 hours of receiving your message.