Tax return time / health insurance

[Paulonto 29]

Hi all

(I hope this is the right forum)

I am a little lost about health insurance - in relation to - tax return time, and I wonder if anyone could help please.

 

I have arrived in the US on 08/15/2018.

I have started work on 09/11/2018.

 

I have just now learnt that I am obliged by law to have a health insurance, and since I am seemingly also obliged to report for tax return and that I don't yet have a health insurance, I may be financially penalized heavily..... that's as far as I understand it.......

 

now, when my eligibility to apply for health insurance through my job, the enrolment period, I was told, was over, unless I pay extra to compensate for the missed time.

At the time I didn't quite understand, so I said I would be thinking about it.

Today, visiting the VJ forum, I thought it a good idea to check out the healthcare.org to apply there, but also there, after answering all their questions, I got a screen telling me that "the open enrolment is over" and that "I don't qualify for special enrollment period at this time"

 

Besides that, I am not ready, or even able, to pay 300 bucks per month for whatever "offer" I am receiving..... my pay may be considered too high for help but it certainly isn't enough for that much money.

 

I am so confused about the whole health care thing, especially since I have learnt that I may be penalized on my tax return for not having one.

Could you advise please?

Many thanks!

[belinda63 3,038]

I believe Trump eliminated the penalty for not having health insurance.

[Paulonto 29]

12 minutes ago, belinda63 said:

I believe Trump eliminated the penalty for not having health insurance.

Thank you Belinda.....

Doesn't that only start next year though?

[Wuozopo 4,293]

2 hours ago, Paulonto said:

Thank you Belinda.....

Doesn't that only start next year though?

Try this page to work out answers to your question https://www.healthcare.gov/fees/fee-for-not-being-covered/

 

2018 has penalties. That link will help you know how much.

[Paulonto 29]

11 hours ago, Wuozopo said:

Try this page to work out answers to your question https://www.healthcare.gov/fees/fee-for-not-being-covered/

 

2018 has penalties. That link will help you know how much.

Thank you so much Wuozopo

This is a great lead.

I'll be digging in and see if I can be exempt seeing I have started late.

So far I've come to understand that it's not that I should have an insurance, it's that I should have had.

Thank you again.....

[Wuozopo 4,293]

1 hour ago, Paulonto said:

Thank you so much Wuozopo

This is a great lead.

I'll be digging in and see if I can be exempt seeing I have started late.

So far I've come to understand that it's not that I should have an insurance, it's that I should have had.

Thank you again.....

Yeah, you get a few months grace period. And I think maybe you don't have to count August but start with September. And from doing my taxes, I know they ask about all 12 months. Were you covered? You were covered by insurance (NHS) Jan-Aug. It's an oddball situation because you're an immigrant and not the typical tax filer. Say yes to being covered those months and see where that takes you. Sometime you have to get the tax program to move on when you don't fit the norm of the masses.

 

I have forgotten the details so best you find the latest from an official source including IRS. Google "IRS health insurance penalty" and find topics on IRS.gov. 

[yuna628 9,676]

15 hours ago, Paulonto said:

Hi all

(I hope this is the right forum)

I am a little lost about health insurance - in relation to - tax return time, and I wonder if anyone could help please.

 

I have arrived in the US on 08/15/2018.

I have started work on 09/11/2018.

 

I have just now learnt that I am obliged by law to have a health insurance, and since I am seemingly also obliged to report for tax return and that I don't yet have a health insurance, I may be financially penalized heavily..... that's as far as I understand it.......

 

now, when my eligibility to apply for health insurance through my job, the enrolment period, I was told, was over, unless I pay extra to compensate for the missed time.

At the time I didn't quite understand, so I said I would be thinking about it.

Today, visiting the VJ forum, I thought it a good idea to check out the healthcare.org to apply there, but also there, after answering all their questions, I got a screen telling me that "the open enrolment is over" and that "I don't qualify for special enrollment period at this time"

 

Besides that, I am not ready, or even able, to pay 300 bucks per month for whatever "offer" I am receiving..... my pay may be considered too high for help but it certainly isn't enough for that much money.

 

I am so confused about the whole health care thing, especially since I have learnt that I may be penalized on my tax return for not having one.

Could you advise please?

Many thanks!

Well 2018 certainly still has penalties even though you do receive a grace period. You also have a grace period to sign up to the health exchange when the enrollment period is over under 'special qualifiers' - however you have waited too long I suspect. What I don't understand is that when you obtained your job, you weren't offered insurance immediately, as is typically normal for employers, of which you'd need to sign paperwork/discuss with HR. Since that period of time has also elapsed you'd have to wait until enrollment is open for that avenue as well. The most ideal form of insurance is typically that which you'd obtain from your employer or spouse's employer and a small portion of which comes out of your pay each month, while the employer absorbed the rest of the hefty cost. For example my husband's employer shelled out $18,000 in benefits, whereas his own contribute is quite small. Compare that to when we had private insurance which we paid for out of pocket, and were nearly approaching $900 a month for the two of us. By comparison most people would say $300 a month in premiums is significantly cheaper than what most are forced to pay either privately or through the ACA. Affordable Health Care act, is not *that* affordable for most, unless they qualify for a subsidy.

 

Still, the sooner you obtain health insurance, the sooner you will not be penalized, and the penalty may only be for partial months instead of the entire amount - which by comparison is far cheaper than monthly premiums will be on a good day. One lump sum equals a couple months of premiums vs a huge premium every month? The math works out in one's favor. While I know it is very expensive, it a burden everyone has to think about, as one trip to the hospital can be bankrupting.

[Paulonto 29]

Thank you @yuna628 for the good advise.

I am earning just above minimum wage and my wife isn't working, with some remaining UK dept so these are big number for me, but I will chew over these 😊

 

My employer does not offer insurance until the 90 day probation is fulfilled, which for me was Dec 11, and I was only presented it 7 days later.

This is really the bottom end of the year.

Until then, my job wasn't guaranteed, and I certainly was not about to engage myself in an expense that would have jeopardized my financial resources.

 

I was hoping to be exempt for the duration of my probation though, since I neither could afford one then, nor was I able to obtain one then. The last 3 weeks of December is the only time I should be penalized, so I feel, unless it can be counted as the gap time of grace.

 

What do you think?