Why Not Having Health Insurance in 2022 Could Cost You: Understanding the Penalties
Health insurance is one of the necessities of life, but not everyone can afford it. According to the Centers for Disease Control and Prevention (CDC), in 2019, 9.2% of Americans were uninsured for the entire year. Although the Affordable Care Act (ACA) has made health insurance more accessible for many Americans, some still choose to go without it.
However, not having health insurance could cost you a lot more than just the premium you don’t have to pay. In fact, there are penalties for not having health insurance. This blog post will discuss the penalties for not having health insurance in 2022 and why you should consider getting it.
The ACA Individual Mandate Penalty
The ACA’s individual mandate, which required everyone to have health insurance, was repealed in 2019. However, this repeal doesn’t mean that there are no longer any penalties for not having health insurance. In some states, individuals who don’t have health insurance face a penalty at tax time.
In California, for example, if you don’t have health insurance in 2022, you’ll owe a state penalty of $695 or 2.5% of your annual income, whichever is greater. Other states, such as Massachusetts and New Jersey, also have penalties for not having health insurance.
The Cost of Medical Bills
Not having health insurance can also cost you in other ways. If you have a medical emergency and don’t have insurance, you’ll be responsible for paying the full cost of the medical bills. In 2020, the average cost of a one-day hospital stay was $2,032, while an emergency room visit could cost up to $1,389.
These costs can quickly add up, leaving you with a hefty bill that you may not be able to pay. This is one of the biggest reasons why having health insurance is so important.
The Importance of Preventative Care
Health insurance isn’t just important for emergencies. It also allows you to access preventative care, such as routine check-ups and screenings, at little to no cost. Preventative care can help catch health issues early on, before they turn into more serious problems.
For example, if you have high blood pressure, regular check-ups and medication can help keep it under control. Without insurance, you may not be able to afford these preventative measures, putting you at risk for more serious health issues down the line.
The Bottom Line
Not having health insurance in 2022 could cost you in more ways than one. You may face a penalty at tax time, be responsible for paying expensive medical bills, and miss out on important preventative care. That’s why it’s so important to consider getting health insurance, even if it’s just basic coverage.
Overall, it’s important to understand the penalties for not having health insurance in 2022 and the potential costs of going without it. While it may seem expensive to have health insurance, it’s more expensive to not have it. Take the time to research your options and choose a plan that works for you and your family.
