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Will I have to buy healthcare insurance?

If lose my job and health insurance part way through the year, and the healthcare.gov marketplace is closed, and I choose not to buy health insurance on the private marketplace, will I have to pay a tax penalty?

  • Answer:

    You can buy exchange insurance mid-year if you lose your job. That's a qualifying event. You will pay the $95 penalty if you are without health insurance three months in 2014.

Robert Wagner at Quora Visit the source

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Robert is correct, but missing a few details.  The penalty is $95 or 1% of your income, whichever is higher, if you have to pay the penalty.  There are lots of ways to escape the penalty: for example, if the lowest cost plan is more than 8% of your income, you face no penalty.  If your income is lower than the tax filing minimum, you face no penalty.  You can also go three months without coverage and pay no penalty.

Linda Riddell

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