Health Insurance Penalties Finally At An End
The federal tax penalty for not being enrolled in health insurance will be eliminated in 2019 because of recent changes made by the Trump Administration. However, those that received a penalty for not having health insurance in 2018 will still have to pay the penalty on your 2019 tax forms. The 2018 tax penalty for not having health insurance is $695 for adults and $347.50 for children or 2% of your yearly income, whichever amount is more. This penalty was designed to protect both people from skipping out on health insurance and not being able to pay off their medical expenses in the event of injury or illness. State-level health insurance penalties still may be in effect. While there will not be penalties at the federal level anymore for going uninsured or choosing a plan that is not ACA-compliant, it is still important to look at state requirements for health insurance. A large handful of states have their own health insurance penalties that are assessed when people do n...