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Uninsured Americans may need to pay a tax penalty if they missed the Obamacare enrollment deadline. By signing up for a plan during the open enrollment period, Americans can avoid paying the penalty. But don’t delay. There is not an extension anticipated in 2016.

The penalty for 2015 was determined in one of two ways:

  1. $325 per adult and $162.50 per child under 18 claimed in your family (with a cap of $975)
  2. 2% of your income. 

You’ll pay whichever is higher.

Important Dates for 2016 Obamacare Enrollment

2016 Obamacare Open Enrollment Period begins on November 1st, 2015, and ends on January 31st, 2016.

An extension period has not been determined for the 2015-6 enrollment period, so it’s important to make sure you sign up for a healthcare plan before the Obamacare enrollment deadline.

2016 Obamacare Penalty

The penalty for going without health insurance in 2016 will be much higher than the 2015 penalty. Individuals who go uninsured will have to pay $695 per adult and $347.50 per child under 18—with a cap at $2,085—or 2.5% of your income. Like last year, you’ll pay whichever is higher.

Missed the Enrollment Deadline?

While there are currently no anticipated enrollment extensions for 2016, there is a Special Enrollment Period for Americans who experience a qualifying life event, such as:

  • Change in family size due to divorce, marriage, birth of a child, adoption, death, etc.
  • Loss of health coverage due to a change in employment status
  • Change in citizenship status
  • Change in address by moving to a new state or county.

You can qualify for a special enrollment all year, but it only lasts for 60 days after the qualifying event, so be sure to take advantage of this period before you’re faced with the penalty.

If you have further questions about the Obamacare enrollment deadline or need help navigating the complex health insurance landscape, we encourage you to contact HealthMarkets Insurance Agency today. Our team of licensed agents can help you compare affordable health insurance plans and help find a plan that fulfills your needs, free of charge.

Get a free quote today or call us at (800) 360-1402.

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Sources:

http://www.cbsnews.com/news/obamacare-2015-higher-costs-higher-penalties/
http://www.obamacarewatch.org/primer/individual-mandate
http://www.wsj.com/articles/penalty-for-not-having-health-coverage-can-be-thousands-of-dollars-1411748343
http://www.healthmarkets.com/blog/open-enrollment-special-enrollment-qualifying-event-what-does-it-all-mean/

 

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