I Don’t Have Health Insurance. Do I Still Owe a Penalty?

Credit: WXXVDT2
Published on December 3, 2019 -

I Don’t Have Health Insurance. Do I Still Owe a Penalty?

The historic 2017 tax reform bill contained a significant tax break for people who don’t have health insurance coverage in 2019.  The bottom line is that when you file your 2019 tax return in 2020, the federal government will not charge you a penalty for not having minimum health insurance coverage.  This change has been welcomed news for millions of working families that on paper made too much money which disqualified them from being eligible for the government subsidized health insurance program.

I Don’t Have Health Insurance. Do I Still Owe a Penalty?

Next... in expert talk.

- next... in expert talk.

- - - and now expert talk...with your- host tanner stewart - - - - tanner: good monday, gulf coast- welcome back to expert- talk.

I'm tanner stewart.

Today- we're going to be talking about- health insurance.

Perhaps you - don't have health - insurance.

Or you haven't in- recent years, you've paid a - penalty on your tax return.

- joining me today is dan burton,- cpa.

Dan, let's talk about that- penalty and why this year, this- upcoming year, you say you won'- be seeing that penalty.

- dan: yeah, tanner, that's for - 2019, which you'll be filing in- 2020, there is no penalty if yo- do not have health insurance- under - the affordable care act.- tanner: now the affordable care- act passed in 2010.

It has seen- a - penalty each year for families- that don't have health- insurance.- dan: yeah, it's been phased in- since 2010 and like for 2018, - the - penalty ended up being around - 2000 dollars for an uninsured - family, so it's pretty- significant.- tanner: so besides that penalty- what are some of the- other complaints?

- dan: well, the biggest- complaints we see in our- practice is that people .

It's- not affordable, you know, to pa- the - premiums. and also there's- - - - limitations on the doctors you- can see as well as the- procedures you may be able to - undertake.- tanner: right and i mean we're- talking about more than a 2000- dollar fine here, when you- probably haven't even spent tha- much in health care in the last- year.

- dan: but mississippi has been - doing well on that.

Because - according to the kaiser - foundation for 2013, there's a- little over 19 percent uninsure- .

2017, there's roughly - 13 percent.

So we're making - progress.

But what we need to - make sure of, is can the people- afford it and can they see thei- own doctor.

- tanner: sure.

And most- importantly, we're talking- again about that penalty.

We- won't be seeing that penalty, - regardless, if you don't .

But - dan: that's a first step.

- tanner: a first step, as always- dan, anything else?

- dan: that's it.

- tanner: dan, thank you for- joining us once again.

Dan- burton, cpa.

If you have any- questions, gulf coast, feel fre- to check out our website, - wxxv25.com.

If you'd like to- reach out to us, email us:- - - - experttalk@wxxv25.com .

And as- always, we'll see you

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