for 2019 I am wanting to end my health insurance to save money. My question is will there be a penalty if i cancel my health insurance for 2019 to save money? If i know there is a 99% chance I will not need to go to the doctor at all and I am willing to take that 1% risk to have no health insurance, is ok to cancel my coverage and not be punished for it by the US?
Will the government pusnish me if I cancel my health insurance for 2019 to save money?
- Posted:
- 3+ months ago by dumbpanda
- Topics:
- money, save, government, health, ends, question, insurance, health insurance
Details:
Answers (2)
Hello. Unless something changes between now and next tax season, you will be punished when you do your taxes next year. They will charge you a fee. I have no idea how they configure the fee for each person. If you cannot afford insurance, try to get basic medicaid if you qualify, because that will count and you will not be charged.
The US government is corrupt in many ways. They cannot legally punish you in any other way for this, as far as I know.
There is no federal penalty for not having health insurance since 2019, however, certain states and jurisdictions have enacted their own health insurance mandates.
The federal tax penalty for not being enrolled in health insurance was eliminated in 2019 because of changes made by the Trump Administration.
The prior tax penalty for not having health insurance in 2018 was $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.
If Possible Cancel during Open Enrollment: You can cancel your health insurance plan at any time, but if you cancel outside of the year-end open enrollment period, chances are you won't be able to enroll in a new healthcare plan until the next open enrollment period rolls around in the fall.