Is the Uninsured Penalty Still in Effect After Obamacare Was Repealed?
The Affordable Care Act (ACA), also known as Obamacare, was a comprehensive health care reform law passed in 2010. One of the significant provisions of the ACA was the individual mandate, which required most Americans to have health insurance or pay a penalty.
In 2017, the Tax Cuts and Jobs Act repealed the individual mandate, effective for tax years beginning after December 31, 2018. This repeal eliminated the penalty for not having health insurance.
What Does This Mean for You?
If you were uninsured in 2016, you are not required to pay an uninsured penalty. The penalty has been repealed, and you will not be subject to it for any tax years beginning after December 31, 2018.
It’s important to note that the repeal of the individual mandate does not mean that health insurance is no longer required. Health insurance is still an important part of financial planning, and it can provide you with peace of mind by protecting you from unexpected medical expenses.
What Should You Do?
Even though the uninsured penalty has been repealed, it’s still a good idea to have health insurance. Health insurance can protect you from unexpected medical expenses, and it can provide you with peace of mind.
If you don’t have health insurance, there are several ways to get it. You can:
Contact a licensed agent: A licensed agent can help you find the right health insurance plan for your needs and budget.
Go to HealthCare.gov: HealthCare.gov is a government website where you can compare health insurance plans and get financial assistance to help you pay for coverage.
Contact your employer: Some employers offer health insurance to their employees. If your employer offers health insurance, you may want to consider signing up for it.
If you’re not sure how to get health insurance, you can contact a licensed agent. A licensed agent can help you find the right plan for your needs and budget.
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