The deadline for obtaining 2016 health insurance is January 31st – which means time is running out to shop for coverage. According to a recent Kaiser Family Foundation poll, only 7% of those who remain uninsured are aware of the coverage deadline.
Those who do not obtain coverage before January 31 can fax a tax penalty of $695 per adult or 2.5% of household income (whichever is greater). Penalties are assessed on federal tax returns.
Individual and family plans can be purchased through the public healthcare marketplace at healthcare.gov, or through the private marketplace. Subsidies to offset premium costs are available to those who qualify and are available on marketplace plans only. At AW Welt Ambrisco, we’re equipped to help you find the right plan for your needs and budget in both. Contact us to set up an appointment to meet with a certified advisor.
Those who fail to purchase or renew coverage by January 31st will have to wait until the next enrollment period in the fall, unless they qualify for a Special Enrollment Period (SEP).
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