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Level 1

I lost my job in October 1st. and with it medical insurance. Did I need to buy medical insurance?

 
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Level 8

I lost my job in October 1st. and with it medical insurance. Did I need to buy medical insurance?

Yes, to be exempt from the penalty you should have bought health insurance.

However, if you had insurance the entire rest of the year, and had insurance Oct 1, you would be eligible for the short gap coverage exemption from the penalty.  Any month you had insurance for even one day you are considered to have had insurance for the month.  

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Level 8

I lost my job in October 1st. and with it medical insurance. Did I need to buy medical insurance?

Yes, to be exempt from the penalty you should have bought health insurance.

However, if you had insurance the entire rest of the year, and had insurance Oct 1, you would be eligible for the short gap coverage exemption from the penalty.  Any month you had insurance for even one day you are considered to have had insurance for the month.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post