What is the federal penalty for not enrolling in health insurance during the OEP or a SEP?

The correct understanding of the situation regarding the federal penalty for not enrolling in health insurance during the Open Enrollment Period (OEP) or a Special Enrollment Period (SEP) is that there is no longer a federal penalty for failing to obtain coverage. This change was implemented as part of the Affordable Care Act (ACA) revisions and subsequent tax reforms. Essentially, while it was once the case that individuals would face a penalty for not having health insurance, the Tax Cuts and Jobs Act of 2017 effectively eliminated this requirement starting in 2019.

Thus, individuals are no longer subject to a federal tax penalty if they fail to enroll in health insurance during these designated periods. However, it's important to remember that while there is no federal penalty, some states may have their own requirements and potential penalties for not maintaining health coverage. This highlights the need for consumers to stay informed about both federal and state regulations regarding health insurance enrollment.