Do You Get Penalized for Not Having Healthcare?
Without health insurance coverage, a serious accident or a health issue that results in emergency care and/or an expensive treatment plan can result in poor credit or even bankruptcy.
Do you get penalized for not having health insurance in Texas?
If you didn’t have health insurance in 2018, and if you’re not eligible for an exemption, you could pay the higher of these penalties per person in your household: $695 per person with your federal taxes. 2.5% of your annual income.
Why being uninsured is a problem?
Lack of health coverage takes an enormous toll on the uninsured—in thousands of avoidable deaths each year, poorly managed chronic conditions, undetected or untreated cancer, and untried lifesaving medical procedures. According to emerging research, being uninsured has multiple economic consequences as well.
Why is uninsured bad?
Patients unable to obtain or maintain health insurance coverage report higher rates of unmet need than those with stable coverage. Compared with insured patients, uninsured patients are at higher risk for dying prematurely from preventable causes.
Why are there penalties for not having health insurance?
This penalty was designed to protect both people from skipping out on health insurance and not being able to pay off their medical expenses in the event of injury or illness. State-level health insurance penalties still may be in effect.
