Health insurance, which has always been a topic surrounded by confusion, is doubly complicated as coverage requirements have evolved in recent years. Among the most significant changes was the individual mandate that was put into place under the Obama administration.
On December 22, 2017, President Trump signed a bill that repealed the ACA’s tax penalty for not having a “Qualified Health Plan”. That repeal doesn’t take effect until 2019. This bill did several things, but most importantly, it removed the penalty for not having health insurance for tax year 2019.
Unfortunately, many people in Las Vegas Nevada dropped their health insurance without talking to their health insurance agents. Had they spoken to their agent beforehand, they would have been told that the repeal wouldn’t take effect until 2019 and failing to sign up for health insurance in 2018 will result in a tax penalty for not having a qualified health plan.
Before making changes to your health insurance coverage, it’s important to talk to your agent to ensure that you are receiving adequate coverage, both to avoid a high hospital bill and a high tax bill. If you are looking for solutions, we have them!