As part of Rhode Island’s fiscal year 2020 budget enacted on July 5, 2019, Rhode Island residents will be required to maintain health-care coverage beginning January 1, 2020. Should you and your family not meet the minimum essential health-care coverage, and you do not qualify for an exemption, you will have to pay a penalty on your Rhode Island personal income tax return starting in early 2021 for the 2020 tax year. While most people have minimum coverage through their employer, Medicaid, Medicare, TRICARE or some other means, some may face a “shared responsibility payment”.
Additional detailed information will be available in the months ahead from Healthsource RI, the Rhode Island Division of Taxation and the Office of the Health Insurance Commissioner. You can also contact us at 401-831-0200 with any questions.