As of my last knowledge update in January 2022, the penalty for not having health insurance in the United States was effectively reduced to zero under the Affordable Care Act (ACA) starting in 2019. This change was a result of the Tax Cuts and Jobs Act signed into law in December 2017. The individual mandate, which required individuals to have health insurance or pay a penalty when filing taxes, remained in place but with a zero-dollar penalty.

It's important to note that laws and regulations may change, and new developments could have occurred since my last update. I recommend checking with a reliable and up-to-date source, such as the official healthcare.gov website or consulting with a tax professional, to get the most current information regarding any penalties or requirements related to health insurance coverage. Keep in mind that the status of health insurance penalties may vary at the state level, so it's advisable to be aware of any state-specific regulations that might apply.

The cost of COBRA health insurance can vary significantly based on various factors such as the employer's health plan, the level of coverage, and the state in which you live. COBRA, which stands for the Consolidated Omnibus Budget Reconciliation Act, allows eligible employees and their dependents to continue their group health insurance coverage for a limited period after the termination of employment, reduction in hours, or other qualifying events.

Typically, the cost of COBRA coverage is the full premium amount, including both the employer and employee contributions, plus a small administrative fee. Employers are no longer contributing to the premium, as they did when the individual was employed, so the full cost often falls on the shoulders of the individual and their dependents.

The premium for COBRA coverage can be quite high because it covers the full cost of the health plan. It's essential to carefully review the COBRA election notice provided by your employer, which should detail the specific costs associated with continuing your health insurance through COBRA. As of my last knowledge update in January 2022, COBRA coverage typically lasts for up to 18 months, although it can be extended under certain circumstances.

While COBRA provides a valuable bridge for individuals between jobs or during transitional periods, it's crucial to explore alternative health insurance options, such as marketplace plans, to find coverage that may be more cost-effective for your specific situation. Additionally, the information provided here is based on my knowledge as of January 2022, and there may have been changes or updates since then, so it's advisable to check with the relevant authorities or your former employer for the most current details on COBRA costs.