It’s a great and important question that we get asked a lot — and the short answer is…no. Before 2019, you in fact did need health insurance (or a qualifying exemption) or you were subject to a penalty payable with your income tax return. If you remember it, it was called the “individual responsibility payment”. This used to be a central requirement of the Affordable Care Act.
The Tax Cut and Jobs Act (TCJA) repealed the penalty, starting with the tax year 2019, but many still ask if they need health insurance to file taxes after the ACA penalty was repealed.
Again, the answer is no. You no longer will be penalized for not having insurance. However, we want to make sure you are covered, so if you don’t have any health insurance and missed the open enrollment period to enroll, that’s okay! We can help! We can see if you qualify for a special enrollment, can help to see if you are eligible for any subsidies, and get you on your way to making sure you and your family are covered.
We’ve happily been the number one health insurance agency in Coral Springs and Parkland, providing options for individual and family health insurance and Medicare for over 20 years. Questions? Give us a call today! Our agents are ready and waiting to help!