RICHARD AND HIS WIFE HAD NO INSURANCE FOR THE MONTH OF AUGUST, ARE THEY GOING TO PAY A SHARE RESPONSIBILITY?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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If you get your insurance from the market place and you are not insured for one month of the year, are you going to be penalized for it?

Anonymous

No, there is no penalty for one month. There is a short gap allowed of 2 months.

Short coverage gap (code “B”).

You generally can claim a coverage exemption for yourself or another member of your tax household for each month of a gap in coverage of less than 3 consecutive months. If an individual had more than one short coverage gap during the year, the individual is exempt only for the month(s) in the first gap. If an individual had a gap of 3 months or more, the individual isn't exempt for any of those months.

For example, if an individual had coverage for every month in the year except February and March, the individual is exempt for those 2 months. However, if an individual had cover-age for every month in the year except February, March, and April, the individual isn't exempt for any of those months.

An individual is treated as having coverage for any month in which he or she has coverage for at least 1 day of the month.