Health Coverage Mandate
The Importance of Health Insurance
Health insurance provides regular, preventive care for you and your family to stay healthy and prevent illness. Medical bills are the number one cause of bankruptcy and can reach into the millions of dollars. Having quality health coverage gives you peace of mind knowing that if an accident or illness strikes you and your family are protected from a lifetime of financial burden.
Health Coverage Required until 2019
Starting with the 2019 coverage year (for which you will file taxes in 2020), there is no longer a tax penalty or “individual mandate” for not having health insurance.
However, the mandate is still in effect for the 2018 coverage year. This means most individuals, including their children and anyone else they claim as a dependent on their federal taxes must have had health coverage for 2018, qualify for an exemption, or pay a tax penalty when filing their federal tax return in 2019.