I was covered by my parents’ health insurance until September 2020, 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?
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.
The IRS sends CP01B to request information. Learn more about notice CP01B and how to handle it with help from the tax experts at H&R Block.
Let H&R Block help you determine when your tax return will be deposited into your bank account based on the IRS refund schedule.
If you didn't pay enough taxes during the year, the IRS may charge you a penalty. Learn more from the tax experts at H&R Block.