Are you currently without health insurance? Or are you considering dropping your health coverage to save some money? It’s important to understand the risks and consequences of being uninsured, both for yourself and your loved ones.
In this blog post, we’ll explore how long you can be without health insurance before it becomes a serious problem, as well as alternative options for obtaining affordable healthcare. So buckle up and let’s dive in!
How long can you be without health insurance before you are penalized?
The Affordable Care Act imposes a fee on individuals who do not have health insurance. The fee is sometimes called the “individual mandate” or the “shared responsibility payment.” You may owe the fee for not having health coverage in any month when you (or your dependents) don’t have qualifying health insurance coverage for that month.
The fee for not having health insurance is based on your income and family size. For 2019, the fee is 2.5% of your yearly household income or $695 per person ($347.50 per child under 18). The maximum fee per family using this method is $2,085.
You pay the fee when you file your federal taxes for the year you don’t have coverage. So, if you go without health insurance in 2019, you’ll pay the fee when you file your 2019 federal tax return in 2020.
The Obamacare Individual Mandate
The Obamacare Individual Mandate is a requirement for all Americans to have health insurance. This can be met through an employer-sponsored plan, a government-sponsored plan, or by purchasing a plan on the private market.
The mandate went into effect in 2014, and the penalty for not having insurance is $695 per year, or 2.5% of your household income, whichever is greater. The penalty is assessed each year that you are without coverage, and it is paid when you file your taxes.
How to get health insurance if you are unemployed
If you’re unemployed, there are a few options for obtaining health insurance. The most obvious option is to sign up for a health insurance plan through the marketplace. You can also look into COBRA, which allows you to remain on your former employer’s health insurance plan for a limited time. If you’re low-income, you may qualify for Medicaid. There are also a number of private options for health insurance if you’re unemployed.
Conclusion
Although there is no definitive answer to how long you can go without health insurance, it is important to ensure that you are covered if something goes wrong. The most reliable way of doing this is by purchasing an individual plan through the marketplace or a private provider.
Even if you are unemployed, taking the time to research your options and invest in good health-care coverage could be invaluable should any medical emergencies arise.