Kat asked in Business & FinanceInsurance · 4 weeks ago

Health insurance gap due to job change? How does this affect taxes? ?

I quit my job and lost insurance coverage starting December 1. I started a new job November 22, but the insurance for the new job didn’t start until January 1. Since I was only a month without it and I knew I’d be getting insurance coverage through my new job, I didn’t get my own independent insurance for that one month. How does this affect me when I file for taxes? 

9 Answers

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  • 4 weeks ago

    The penalty for not having insurance is having to pay out of pocket should something happen to you in that time frame.

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  • 4 weeks ago

    It doesn't, because (1) the gap was only a month, which was never long enough to affect taxes, and (2) Congress got rid of the tax penalty for not having coverage.

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  • Anonymous
    4 weeks ago

    There is no longer a penalty on taxes for not having insurance.

    You could have no insurance for the full  year and you would still have no tax penalty for not carrying insurance.

    So - no impact at all - none.

    I have already done my taxes on Turbo Tax and it no longer asked any questions about insurance coverage.  

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  • Eva
    Lv 7
    4 weeks ago

    It doesn't. The penalty was eliminated. Under the old rules, you could have up to a 2 month gap.

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  • 4 weeks ago

    This is an opinion if you didn't need to use your insurance or incur charges for the month you were changing jobs count it as zero weather adding or subtracting.

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  • 4 weeks ago

    It doesn't.

    There is no requirement in 2019 for you to have insurance coverage. 

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  • Anonymous
    4 weeks ago

    It has no effect.    Good thing you didn't need your appendix taken out that month!

    Losing insurance due to a job change is a qualified life event that qualified you to purchase an individual policy outside of the open enrollment to bridge the gap.

    Congrats on the new job.

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  • Anonymous
    4 weeks ago

    It has no effect. Insurance is no longer mandatory.

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  • Judy
    Lv 7
    4 weeks ago

    Does not affect taxes. Gaps under 3 months always were exempt, and penalty is gone this year anyway.

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