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I lost my job, and my health insurance, in May of 2017. We got my wife signed up for obama-care, but because it was so expensive we only got her insurance. So it is now almost September 2017, and I have a temp job now, but the insurance wont kick in until about six months from now which happens to be when my contract is up. How much longer can I be off insurance before I get in trouble?
You pay the greater of 2.5% of your income (up to $2K or so), or $695 at filing. However, if the cheapest plan was more than 8% of your income, you don't have to pay the penalty.
2017 vs. 2018 Tax Penalty Amounts and Exemptions For Not Having Health Insurance Under ObamaCare | Saving to Invest
The health care penalty due when filing taxes, will still be in effect if a single Obamacare repeal bill is not passed by Congress and sent to the President for signing into law.
President Donald Trump along with Congressional Republicans have started the process to repeal Obamacare in 2017 via the American Health Care Act (ACHA).
From a health care penalty perspective, there is the strong expectation that the individual mandate will be removed from 2018 if the ACHA bill is passed (changes may be retroactive). This means that those without health insurance in 2017 may only be subject to a partial or no penalty when filing taxes in 2018.
Note however that President Trump has signed an earlier Executive order that directed federal agencies to to waive or exempt health law-related provisions that would impose costs or penalties on individuals, to the extent permitted by law. But this “hardship clause” does not mean that taxpayers should NOT pay the penalty or delay filing ahead of any formal repeal law.
This whole ACA thing is hurting me more than it is helping me
So, you think your solution is simply to go without health insurance forever?
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