As you have heard by now, the Tax Bill passed the House and Senate. There has been a lot of
conversation around the individual mandate and it’s impact to the Affordable Care Act. The
individual mandate was instituted to require most people to buy health insurance or pay a
penalty.
Though the mandate still exists, the Tax Bill eliminates the penalty, thus thwarting the
mandate’s intent. The change takes effect in 2019. If you do not have qualifying insurance in
2018, you will still owe a tax penalty, which is $695 for each adult and $347.50 per child or 2.5%
of your household income, whichever is greater.
The new Tax Law makes no other changes to other major parts of the Affordable Care Act.