State Fines for Uninsured: A Hidden Tax
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Despite the federal health insurance penalty ending in 2019, five states and D.C. still impose fines on residents through state tax returns. California, Massachusetts, New Jersey, Rhode Island, Vermont, and D.C. charge penalties that can significantly reduce refunds. These rules, implemented post-2019, are based on income, household size, or flat rates, and the funds are used for subsidies or reinsurance programs. Many individuals only discover these fines when filing taxes, leading to frustration amid rising marketplace costs. Exemptions are available for low-income individuals, short coverage gaps, hardships, or high-cost plans, but they must be claimed to avoid automatic penalties. With premiums surging, the decision between costly coverage and fines is challenging. Uninsured individuals face substantial medical bills, so checking Medicaid eligibility or state rules is crucial before tax season.
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