While in between jobs, if you are healthy, would make sense to bypass paying the health insurance premiums until you land a new job. However, not having health insurance is illegal in NY, NJ and probably other liberal states. Can the state catch you somehow and make you pay?
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I got FREE health insurance with no deductibles and very, very few co-pays the year after I was laid off. And I had $40k in my HSA, and millions in my 401(k) and brokerage accounts but that didn't matter to NYS.
Untrue.
DEBUNKED!
Each time I lost a job, I went without health insurance. I don't remember anything significant, except something coming in the mail stating they noticed I had no health insurance during those years and where and how to get coverage.
@ab, not nearly as risky as insurance companies want you to think. It doesn't really make sense to pay $8k per year to cover 80% or your medical care after a $4000 deductible plus have to beg them to cover what your doctor wants.
Penalties for not having health insurance is specific to the state.
IIRC, Federal Tax Cuts and Jobs Act of 2017 zeroed out the ACA (aka ObamaCare) individual mandate penalty for not having health insurance.
It is NOT ILLEGAL but there is a tax if you do not carry health Insurance - at Federal level and at State level (in NJ)
You are required to certify that you carried health insurance in your tax returns.
This is one of the stupidest rule in IRS code. Why would one pay a fine for a coverage that one did not have in the PAST ?
: @aa+1jh0f61kg. Be nice. They are probably confused with the fact that you get penalized on your taxes if you don't have health insurance. Hence the reason for the 1095c forms.
It’s not at all illegal to not have health insurance. Risky, yes. I think you are confusing the fact that you can be penalized on your Federal Income Taxes for not having insurance. It’s not much of a penalty from what I have heard and I know of a few people that just take the hit on their taxes because it’s a lot less than paying for health insurance for them.
OP,
What you posted here is manure. Health insurance is not ‘mandatory’ in the United States nor is it illegal. Where are you getting this terrible stuff?