These days, insurance can be one of the hardest things to understand, and policies can change each year. So, is health insurance required? In most states, no.
History of the Affordable Care Act
If you’re one of the many people to have been an adult during the Obama presidency, you may still be under the impression that the Affordable Care Act (ACA) has a federal mandate to require individual health insurance. That’s no longer the case.
But, the health insurance marketplaces established by the ACA provide coverage to 11.41 million people. So, what’s the deal? While most of the ACA insurance programs are still active, the federal government no longer decides whether or not it is required. Instead, that duty goes to each individual state.
The Current State and Federal Situation
There used to be a penalty in place for anyone who went without any form of health insurance (unless granted an exception). The fee for uninsured individuals used to be $695 per uninsured adult or 2.5% of your income in 2018. Now, that rule is gone for all but five states.
People in any of these states, as well as the District of Columbia (Washington D.C.), without a granted exception, may have to pay a penalty if they go without health insurance for more than a few months:
- New Jersey
- Rhode Island
So, if you’re not in any of these states, you are not required to have health insurance and will not be penalized if you don’t have it. Some states have talked about adding this regulation, but nothing has been officially enacted. These states include:
What to Expect
Okay, health insurance isn’t required. That’s good news for the people who don’t want it—but do you need it? Some people don’t (or don’t think they do), but others don’t want it and don’t realize how vital it likely will be.
Some people don’t get coverage because they simply can’t figure out how to get it. Others can’t find the right plan. Others aren’t eligible for coverage, or lost their job and thus their insurance as well.
All of these concerns are easily solved with the right help. Having experts on your side to guide you through finding and enrolling in a plan will make you wonder why you didn’t try it sooner, even if you don’t think you’re eligible.
One of the biggest reasons people don’t get health insurance is high costs, and that makes perfect sense—it’s expensive. But it doesn’t have to be. It is possible to find the right coverage at a good price, you just need someone to look for you.
A New Approach to Coverage—Call Kannonball
Kannonball Insurance Solutions can take you on a straight shot towards affordable, great coverage, even if it’s not required. See for yourself by calling today at 254-918-5444.