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.
Do I have to buy health insurance?
In 2010, the Affordable Care Act was passed to make healthcare affordable for Americans. It made Medicaid more accessible to a wider range of people and introduced tax subsidies for individuals and families with low incomes that could not afford insurance. It also extended health coverage to those with preexisting conditions. Young adults can now get high-quality, affordable insurance.
What is individual mandate?
The individual requirement was a crucial part of the ACA. This mandate encouraged young, healthy individuals to enroll in coverage. The cost of sicker individuals in the risk pool would be spread out, and premiums could remain low.
In states where this is the law, it may be possible to get an exemption, and even not have to pay penalties, if certain criteria are met. This is true, in particular, if you have been uninsured for several months or if you qualify for state-based subsidies.
Do I have to buy health insurance for 2020?
Some states such as California and Massachusetts require that you have some form of health insurance before you can avoid a penalty. 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.
What is the best way to protect yourself against illness?
It's one of the most important things you can get for yourself and 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?
Health insurance can often be a stressful and confusing process. Finding an affordable health insurance plan is not always easy. The ACA has helped to solve these problems, by requiring that all plans on the individual market provide comprehensive coverage with affordable premiums and without varying according to your health.
Can you easily get health insurance coverage?
The Affordable Care act created several online marketplaces called exchanges to help people purchase affordable health coverage. The exchanges let you compare plans, and you can apply for assistance if needed.
What income qualifies me for a government subsidy?
It is your responsibility to determine whether or not your income qualifies you for the federal subsidies. The ACA requires people to have incomes below 400 percent of the federal poverty level to qualify for subsidized health coverage.