Monday, February 6, 2023

Can you live without health insurance in the US?

Currently, there is no federal tax penalty for going without health insurance, but this does not mean that you shouldn’t get coverage. Numerous factors, such as the expense of coverage or a change in job status, might cause someone to temporarily be without health insurance. Regardless of your present financial circumstances, it is crucial that you know what to expect if you do not have health insurance and what alternatives you have for obtaining insurance. It’s no secret that the number of people who lack health insurance has been rising over the past several years. The Kaiser Family Foundation (KFF) reported in 2020 that the number of uninsured children and young adults in the United States has risen for three consecutive years, beginning in 2017.

There were around 28.9 million people in the United States who lacked health insurance in 2019. The survey found that adults were more likely to be uninsured than children and that persons of color were more likely to lack insurance than non-Hispanic whites. One full-time worker was present in more than two-thirds of uninsured households. The eHealth service is there to help if you ever find yourself without medical insurance. In every state, we provide a variety of programs so that no one has to choose between their necessities and their budget.

If you have any concerns about finding the best plan for you and your loved ones, our agents are accessible online or by phone. The cost of health insurance in the United States is often a significant financial burden. Although your company may provide you with a health insurance plan, you may still be responsible for significant out-of-pocket expenses. As per the Kaiser Family Foundation, the cost of premiums paid by employees increased by 40% between 2010 and 2020, far surpassing salary growth. It may be much more expensive for half of Americans who don’t have access to employer-provided health insurance coverage.

If you’re young and healthy and don’t anticipate needing much medical treatment, this may make going without health insurance a very appealing option. While having health insurance is not required by law in the United States, certain states do nonetheless have fines in place for citizens who choose to go without it. But if you can afford it, health insurance should be your fourth priority after a roof over your head, food on the table, and a vehicle to get to work. And even if you don’t, you may still have choices.

If I don’t have health insurance, what will happen to me?
The goal of the Affordable Care Act was to expand access to medical coverage for those who previously lacked the financial means to purchase it. It was an effort to lower the cost of health care for everyone by lowering the number of individuals who go into debt trying to pay their medical expenses. In an effort to reduce the likelihood of people falling into financial ruin because of medical expenses, the ACA included fines for going without health insurance. In 2019, this provision of the ACA will no longer be in effect, and the responsibility for enforcing health care law will go to the individual states.

It is possible that you will be compelled to pay a charge when filing your state taxes in case you do not have health insurance, however, this varies from state to state. Before making any decisions about your health care, please verify applicable state laws. It’s important to remember that there are additional costs you may incur if you choose to forego health insurance, such as those incurred from needing emergency medical attention. If you end up needing more extensive medical attention, this might lead to substantial financial strain. About 1 in 5 Americans who have access to credit reports are now dealing with medical debt collectors.

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