No More Penalties!
In an effort to ensure all of us in America had adequate health coverage, laws were passed in 2010 requiring everyone to carry Minimum Essential Coverage with financial penalties for non-compliance. However, for millions of Americans, the Affordable Care Act was not exactly “affordable”. With the average premiums for minimum coverage for a small family at $9,996 per year with a $4000+ deductible, it could be a heavy burden. The penalty, however, did cap out at the higher of $2,085 or 2.5% annual income.
The good news is, as of January 2019, this law is history! Americans, once again, have the freedom to choose their own manner, type and amount of health care support without mandates or penalties.
As for your 2018 taxes, keep in mind that the penalty for non-insurance is still in place, but that in many cases, the penalty can be waived for low income households. This is especially true for those who are self-employed.
With health coverage freedom restored, it is good to know we have options! And even though CAM is not insurance (and I’m totally biased), I love paying the equivalent of one month’s premiums for access to insurance negotiated rates for the entire year. And for those who have employer-paid or even self-employed insurance, many of our members use it to supplement those areas that are not traditionally covered, or allow for the option to choose a lower-cost plan. Either way, solutions that put YOU to control are now available…without penalty!