We are now entering the final weeks of the Affordable Healthcare Marketplace enrollment period for 2014. It will be ending on March 31, 2014. That means two important things.
If you are not enrolled in a qualified health plan by March 31, 2014 you will be subject to a tax penalty. This is the Individual Mandate. Starting in 2014, the individual tax penalty for not having qualified health insurance is $95 per person and $47.50 per child ( max $285/per family) or 1% of annual household income whichever is greater. For a family making $30,000 this is $300. If you are below 100% of the Federal Poverty line, you will have an exemption. This will be taken out of your tax refund in 2015 if you do not have qualified insurance. In 2015, it will be $325/$975 or 2% and in 2016, it will be $695/$2,085 or 2.5%
If you are not enrolled by March 31, 2014, you will not be able to get subsidized health insurance until January 2015 unless you qualify for a special qualifying event like you move out of state, get married, have a baby or adopt, or lose all access to health insurance including Cobra. The next enrollment period is planned for Oct 15th to Dec 7th. The first start date for that enrollment period will be January 1, 2015.
If you have been holding off waiting to see how this all goes, now is the time to jump in and get enrolled. Many people qualify ( 70%) for subsidies that make this affordable. An agent is free to use. We get the same price you would if you did it yourself. We make sure you get enrolled easily, quickly and correctly. We are here to help down the road. We understand all the details of the insurance plan options. Don’t go it alone. We are here to help!
Sherie Samstag Bryan
www.HealthPlansRaleigh.com
Raleigh, NC