The deadline to apply for health insurance is February 15th. If you have not applied for individual health insurance prior to this date you will not be able to obtain coverage until the next open enrollment period in November of 2015 unless you have special circumstances.
If you don’t have coverage in 2015, you’ll pay a penalty which is the higher of these two amounts:
- 2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan.
- $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975.
Covered California, the state-based health care exchange, recently provided new data that shows Californians who purchased a subsidized individual health plan through the exchange in 2014 received more than $5,200 in subsidies on average. Covered California also announced that it will send out the new IRS form 1095-A this month to anyone who purchased an exchange plan for 2014 coverage. Exchange members need the form to be able to complete their federal taxes.
Why not call and get a free quotation to see what subsidy you are eligible for? It takes only a few minutes and you may be surprised. For more information contact our office