As a result of ObamaCare or the Affordable Care Act, all Americans with an income above a certain threshold will have to purchase health insurance. The provision referred to as the individual mandate is what will legally require most US citizens and legal residents to obtain private, employer sponsored or public health insurance (through state run exchanges) starting in 2014. For coverage starting in 2015, the Open Enrollment Period is November 15, 2014–February 15, 2015. Individuals may also qualify for Special Enrollment Periods outside of Open Enrollment if they experience certain events. However for the coverage to be effective January 1st, the enrollment should be completed by December 15th 2014.
The Fee/Penalty in 2015
If you don’t have coverage in 2015, you’ll pay the higher of these two amounts:
• 2{eb914d8c00d6b744d02a9a8064b0bfd5c559be7136358887c29ad495da2b8d17} of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan.
• $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975.
The law is complex and the impact is far-reaching, but you don’t have to figure it out on your own. We can help.
We can help you comply with the law and ensure you receive the most benefits allowed under the law. Feel free to call us to assist you in evaluating your options.
You can also evaluate and apply for health insurance while the enrollment period is open at the links below.
Act soon and be insured.