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Strategies to Avoid ACA Tax Penalties

April 16th, 2018 – With tax day upon us, some Coloradans without health insurance are realizing that they will be paying a substantial tax penalty this time next year, if they don’t get tax penalty exempt coverage soon.  While President Trump is getting rid of the individual mandate, the tax penalties still fully apply for the 2018 tax year.

It is true that options are limited because open enrollment is closed, but there still ARE options.  Some people may have access to health insurance through their or a spouse’s employment.  Other’s may have experienced a recent qualifying event that could trigger a Special Enrollment Period to get new health insurance.

However, if you don’t have access to coverage through a job and/or haven’t had a qualifying event there is still another tax penalty exempt health plan option available to you.  Health sharing ministry plans are open to people of any faith and often cost 40-50% less than the lowest cost bronze plans. It’s important to understand that these plans are NOT health insurance and are not offered by insurance companies.

Health sharing ministry plans tend to be most attractive to:

  • People whose incomes are too high to qualify for tax credits
  • People unable to afford ACA health plans
  • People in good health
  • People who need coverage outside of ACA open enrollment and who don’t qualify for a Special Enrollment Period

Get a no-obligation free quote from a licensed professional?  Click here for personal assistance on the tax penalty exempt health sharing plans.

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