Question

I was covered by my parents' health insurance until September 2017, and then I enrolled in my own health insurance plan. My insurance is a HDHP, and I have a HSA. Will I owe a health insurance penalty for failure to maintain coverage?

Answer

You won’t be subject to a health insurance penalty if all of these are true:

  • You established your own coverage within three months after you lost coverage under your parents’ plan.
  • You didn’t establish the health savings account (HSA) until the high-deductible health plan (HDHP) was in place. Also, you only contributed to it while the HDHP was in place.
  • You’ve remained covered only by the HDHP and other permitted coverage.

Related Topics

Related Resources

If I contributed $5,500 to each of my two Roth IRA accounts, will I owe a penalty?

Did you contribute more than the annual limit to one or more of your IRAs? Explore your options for avoiding a penalty. Get tax answers at H&R Block.

I want to use distributions from my Individual Retirement Account (IRA) to pay student loans. I am not yet age 59 ½.

Do you have to pay a penalty if you cash in an IRA to pay student loans? Learn more about your options. Get tax answers from H&R Block.

Health Care And Obamacare Penalty Exemption

Learn about Shared Responsibility Payment exemptions (Obamacare exemptions) for income tax tips from our expert tax articles at H&R Block.

Can I claim the 10% early withdrawal penalty I paid as a penalty deduction?

Can you deduct an early withdrawal penalty from your taxes? Knowing the answer can make a difference. Get tax answers at H&R Block.