The last day for individuals and families to purchase health insurance for the 2014 year is coming up. The deadline for purchasing any plan off of the open market is March 31, 2014.
What Happens on March 31, 2014?
Health insurance policies are only available for purchase during a period known as open enrollment. Open enrollment is when insurance companies are required to accept applicants for one of their health insurance policies.
Insurance companies that are offering health insurance coverage to individuals and families have scheduled open enrollment to end on March 31, 2014. If health insurance has not been purchased by that date, the individual and/or their family will have to wait for the 2015 open enrollment period – which is scheduled for some time in November 2014.
What Will Happen if Health Insurance is Not Purchased by March 31, 2014?
Individuals and/or families who have not signed up for health insurance coverage and who have not filed and/or qualified for an exemption, face a possible penalty. The penalty is assessed as part of the Affordable Care Act.
The fine that will be assessed is as follows:
- 1% of household income – with a maximum of what the average bronze plan premium would have been
- $95 per person/$47.50 per child under 18 – each family will have a maximum of $285
The penalty will be assessed at whichever is higher.
For more information on health insurance coverage and upcoming deadlines for the Affordable Care Act, contact Bernardini & Donovan Insurance, located in Redlands, California, today.