Are you required to have health insurance in 2020?
Many people have questions about the requirement to carry health insurance. Lack of coverage can lead to costly medical emergencies, and even bankruptcy. It's good to know that, in many cases, you will not be penalized if you do not have health coverage.
Is it mandatory to have health insurance by the government?
The Affordable Care Act (ACA) was passed in 2010 to make healthcare more affordable for Americans. It opened up Medicaid eligibility to more people, and it created tax subsidies for low-income individuals and families who could not afford health insurance on their own. The law also expanded health coverage to people with pre-existing conditions and made it easier for young adults to get affordable, high-quality insurance.
What is individual mandate?
The individual mandate was a key feature of the ACA, as it aimed to encourage young, healthy people to enroll in health coverage. It would spread the costs of sicker people and keep premiums down.
In states that adopted this requirement, it is still possible to receive an exemption if you meet certain criteria, and you may not have to pay a penalty. This is true, in particular, if you have been uninsured for several months or if you qualify for state-based subsidies.
Do I need health insurance by 2020?
To avoid paying a fine in certain states like California, Massachusetts, New Jersey, and Rhode Island you must have health insurance. This can include an employer-sponsored program or a qualifying health care plan purchased through Covered California. Medicare and most Medicaid plans are also eligible.
Does it make sense to purchase health insurance coverage?
Health insurance is a great investment for you and your family. It will provide you with regular, preventive healthcare that will keep your health and save you money on the long term.
How can I find out if I need to have health insurance?
Getting health insurance can be a confusing and stressful process. Finding the right plan for your needs is difficult. Finding one that's affordable can be even more difficult. The ACA addressed some of these challenges by requiring plans in the individual market to provide comprehensive insurance at affordable rates that are not affected by your health.
Can you easily get health insurance coverage?
The ACA created several online marketplaces, known as exchanges, that make it easy for people to purchase affordable health insurance. The exchanges let you compare plans, and you can apply for assistance if needed.
Can I get a subsidy if my income is low?
Federal subsidies can lower your cost of health insurance. However, it's up to you whether your income is sufficient to qualify for these benefits. To qualify for subsidized coverage, people must have an income below 400% of the federal poverty line.