Like it or not, the Affordable Care Act (Obamacare) is still the law of the land. Many people do have insurance coverage through their employers. Others have Medicare. But those that don’t have coverage are able to purchase health insurance directly from a health insurance company or through the marketplace. Beginning in 2014, ACA imposed penalties (via reporting on your annual income tax return you filed in 2015) for anyone not having health insurance. The penalty was the larger of $95 or 1% of your income. For 2015 the penalty will be the larger of $325 per person or 2% of household income. In 2016, if you go without health insurance the penalty will be the larger of $695 per adult person plus $347.50 per child or 2.5% of household income.
If you’re enrolled in a 2015 Marketplace health insurance plan, you can re-enroll or change health insurance plans for 2016. We strongly recommend you update your expected income and household information for 2016. Plans and premiums change every year. We encourage you to check out the new insurance plans and premiums. If you don’t act by 12/15/15, you may be automatically re-enrolled for 1/1/16 coverage but your premium tax credit will be based on last year’s information. In some cases, you will not be automatically re-enrolled. So if you get a letter from your insurance company that says you won’t be automatically re-enrolled for 2016, you need to take action by enrolling in another plan. All 2015 Marketplace plans end on 12/31/15 no matter when you enrolled.
Key Dates and Deadlines
November 1, 2015: Open Enrollment for 2016 Marketplace coverage begins.
December 15, 2015: Deadline to enroll for coverage starting January 1, 2016.
January 15, 2016: Deadline to enroll for coverage starting February 1, 2016.
January 31, 2016: Last day of Open Enrollment for 2016 Marketplace coverage.
Did your job, family or health status change? Let us help you make sure you are enrolled in the plan that best meets your budget and health needs.
Even if you had insurance last year, we can help you compare your options for 2016 coverage.
It is critical you update your information for 2016 so that you don't wind up with an outdated premium tax credit. Premium tax credits are based on the household income your expect for 2016 and not your 2015 information.
Free help is available. You don't have to figure this out by yourself. Call us at (610) 367-8280 or email us at firstname.lastname@example.org