I Forgot To Enroll For Health Insurance – Now What?

Understanding Penalties Under Obamacare

Since fees were not implemented during the first trial of enrolling in the new health insurance marketplace, the first Obamacare open enrollment period proved to fall short of successful. However, now that enforced penalties mean that you will be faced with a fee if you do not have health coverage, it seems that many enrolled before February 15th passed.

If you failed to obtain health coverage before the open enrollment deadline passed, you will be faced with a penalty until the third Obamacare open enrollment period arrives. Therefore, it is important that you understand why you are being penalized and how much. Gathered are some helpful guiding points for determining how much your penalty for not enrolling for health insurance will be:

Failing To Have Coverage In 2015:

Two calculations are made to determine your penalty amount. Of the two below, you will need to pay the higher amount.

  • $325 per person in your household, $162.50 per child under 18 years old – The maximum penalty an entire family can be charged is $975.
  • 2 percent of your household annual income – In this calculation, the amount above your tax filing threshold is considered, approximating about $10,000 per individual. The most a family can be charged is the national average premium for a bronze plan.

Failing To Have Coverage In 2016:

Each year, the penalty for not obtaining health insurance will increase. You can expect the following increases in 2016 if you still do not have health coverage:

  • $695 per person in your household
  • 5 percent of your household annual income

Rather than leaving yourself unprotected, seek the care you deserve today! Contact Bernardini & Donovan Insurance Services in Redlands for all of your California health insurance needs. As Covered California experts, you can rest assured that we will be your guiding hand in the realm of health insurance and health care.

ACA Penalty Fees

Your Guide To The Tax Penalties Of The Affordable Care Act

If you have not yet secured health insurance for 2015, do not wait. The open enrollment period (the time during which you can secure an individual health insurance plan) ends on February 15th, and if you do not have the coverage required by the Affordable Care Act (ACA) by that time you may be subject to tax penalties.

What kind of coverage should you have to avoid those fees? You need a major medical health insurance plan. According to the ACA, these plans include coverage for emergency services, pediatric services, laboratory services, rehabilitative services and devices, mental health/substance abuse services, preventative/wellness services, hospitalization, maternity and newborn care, ambulatory patient services, and prescription drugs.

If you do not have major medical health insurance for three continuous months, you will be hit with penalties when you file your taxes. These penalties will be 2 percent of your taxable income or $325 per adult ($162.50 per child), whichever is greater.

Are you concerned you will not be able to afford the insurance you need to avoid these fees? Do not worry- the ACA also outlines subsidies to help lower income individuals and families get coverage. If your household income is 400 percent or less of the federal poverty level, you can qualify for tax credits to help pay for your health insurance.

Do not let yourself be subject to these fees. Get the health insurance the ACA requires, and that you deserve. To have a certified agent help you determine the right coverage and secure it at the right price, contact Bernardini & Donovan Insurance Services today. Located in Redlands, we are here to help you secure the best protection for you and your family. To get the health insurance you deserve this year, call us today!

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