Open enrollment under the Affordable Care Act, (Obamacare), ends this Sunday January 31 at Midnight. The clock is ticking and consequences for missing this deadline could be severe, In Penalties and Tax Consequences:
- The Cost of No Coverage: the consequence for not signing up for healthcare coverage in 2016 is getting higher. Even if you believe that health insurance is not worth it for you, consider getting insurance under the Affordable Care Act. Apart from the usual reasons people get insurance as the unknown of what will happen so piece of Mind alone should Motivate most people to secure coverage, should something go wrong.
In 2014 the penalty for failure to carry health insurance was $95 or 1 percent of household income; the government was easing Americans into the idea of mandatory enrollment. Last year, the price for failing to be insured was $325 or 2 percent of household income, whichever was higher.
This year, the increase is substantial. If you do not Secure health insurance. For 2016 Non Insured’s will pay a penalty of $695 or 2 percent of household income. The point of these annual increases is to incentivize all Americans to sign up for health insurance, as the success of the Affordable Care Act relies on widespread coverage to keep healthcare costs low.
- Deadline for Enrollment: As noted above, the deadline for enrollment in a health insurance plan through the Affordable Care Act is January 31 this year. As with the penalty for failure to enroll, the deadline has become more strict with time. In 2014, we had until mid-March to contemplate plans and last year’s enrollment deadline was mid-February. The Government may extend this Deadline but I would not take that chance.
- Most Insureds who had coverage last year, will be automatically enrolled in your health insurance plan if you were signed up last year, but costs have changed from carrier to carrier and even the government suggests that you take the time to review your plan regardless of whether you were automatically enrolled. Not to mention that there are a lot of New plans that may work better or offer a Cost Saving’s.
- The Employer Mandate also Kicked in on January 1st, 2016 for Company’s employing more than 50 full time employees with substaintial Penalties to Employers who do not offer Health Coverage.
You can compare Plans from over 40 Different Carriers at: www.autoclubhealthenrollment.com