Is it Better to Skip Health Insurance and Pay the Penalty?

It’s a question that many people are asking, especially in the wake of the recent tax changes. The Affordable Care Act (ACA) requires most Americans to have health insurance. If you don’t have health insurance, you may have to pay a penalty.

The penalty for not having health insurance is $695 per adult and $347.50 per child in your tax household. The penalty is capped at $2,085 for families.

So, is it better to skip health insurance and pay the penalty? The answer depends on several factors, including your age, health, and financial situation.

If you are young and healthy, you may be able to get away with not having health insurance. You are less likely to get sick or injured, and if you do, you may be able to pay for medical expenses out of pocket. However, if you are older or have a chronic condition, you may want to consider getting health insurance.

If you are in good financial shape, you may be able to afford to pay the penalty for not having health insurance. However, if you are struggling to make ends meet, you may want to consider getting health insurance. Health insurance can help you protect your financial well-being in the event of a medical emergency.

What are the benefits of having health insurance?

Health insurance can provide you with several benefits, including:

Peace of mind. Knowing that you have health insurance can give you peace of mind. You won’t have to worry about how you will pay for medical expenses if you get sick or injured.
Financial protection. Health insurance can help you protect your financial well-being in the event of a medical emergency. If you have health insurance, you won’t have to pay for all of your medical expenses out of pocket.
Access to care. Health insurance can help you get access to the care you need. If you have health insurance, you will be able to see a doctor or go to the hospital without having to worry about how you will pay for it.

How can I get health insurance?

There are several ways to get health insurance. You can get health insurance through your employer, through the Health Insurance Marketplace, or through a private insurer.

Employer-sponsored health insurance. If your employer offers health insurance, you may be able to get health insurance through your employer. Employer-sponsored health insurance is often the most affordable option.
Health Insurance Marketplace. The Health Insurance Marketplace is a government website where you can compare and purchase health insurance plans. The Health Insurance Marketplace is available to people who do not have health insurance through their employer.
Private insurers. You can also get health insurance through a private insurer. Private insurers offer a variety of health insurance plans.

If you are not sure how to get health insurance, you can call our licensed agent at 800-930-7956. We can help you find the right health insurance plan for your needs.