Will health insurance still be a requirement the next time you file your taxes?

Health insurance is a good thing to have and recent laws had made it mandatory with penalties to pay for those not having it. But even with threat of penalties there are still many Americans who have chose to go without health insurance. Now with the new administrations promise to dismantle Obama care it has become unclear to many if there is still a penalty for not having health insurance. 

The short answer to the question is that the individual mandate has been repealed which means that Americans without health coverage in 2019 will not be subject to a tax penalty. The thing to remember is that there is still a penalty for not having health insurance in 2018.  

There are exemptions in the new rules that have been put in place by the Trump administrations that could potentially save you from paying a tax penalty this year. The new rule provides exemptions to residents living in counties where no health insurance companies offer coverage, or only one insurer offers coverage. According to the new rule, those living in counties where the only available health insurance plans cover abortion can also be exempt from a tax penalty for 2018 if it goes against their religious beliefs. 

There is still a need for health insurance and everyone should make an effort to enroll.  

This year open enrollment starts on November 1, this will be the first day to either enroll, re-enroll, or change an insurance plan through the Health Insurance Marketplace. Coverage starting on January 1. 

The last day to enroll in or change plans for coverage to start January 1, 2019.  

Although these dates are enforced, you can still get health coverage if you qualify for a Special Enrollment Period due to a qualifying life event. 

Just remember that having health insurance can save your life.