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

What Happens After You Report Identity Theft to the IRS

Did someone file a fraudulent return in your name? Get the facts about reporting tax identity theft to the IRS and what you can expect after you report it.

Form 1099-B, Proceeds From Broker and Barter Exchange Transactions

If you sold stock, bonds or other securities through a broker or had a barter exchange transaction, you will likely receive a Form 1099-B. Learn more from H&R Block.

Your 2018 Tax Document Checklist

Here's a list of tax documents you'll need to file this year's return. Get ready to file your taxes with H&R Block.

IRS Letter 2194 – Alternative Minimum Tax Proposal Letter

The IRS thinks you may owe Alternative Minimum Tax (AMT). Learn more about IRS letter 2194 from the tax experts at H&R Block.