How Can You Avoid IRS Penalties for Not Having Health Insurance?
The Affordable Care Act: Penalties and Coverage Options
The Affordable Care Act (ACA), also known as Obamacare, requires most Americans to have health insurance. If you don’t have health insurance, you may have to pay a penalty, or tax, to the Internal Revenue Service (IRS).
The penalty for not having health insurance in 2023 is $2,320 per adult and $1,160 per child, or 2.5% of your household income, whichever is greater.
You can avoid the penalty by:
Getting health insurance through your employer
Buying health insurance on the Health Insurance Marketplace
Getting Medicaid or CHIP (Children’s Health Insurance Program)
Qualifying for an exemption
If you can’t afford health insurance, you may be able to get help paying for it through subsidies. Subsidies are available to people with low and moderate incomes.
Health insurance can help you pay for medical care, including doctor visits, hospital stays, and prescription drugs. Having health insurance can also give you peace of mind knowing that you’re covered in case of an emergency.
If you don’t have health insurance, you should call a licensed agent who can help you find affordable health insurance. Don’t wait until it’s too late and you have to pay a penalty.
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