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Open Enrollment period is coming to an end. The last day to enroll is March 31st, 2014. After March 31st, 2014 you can still purchase individual health insurance but there will be a penalty unless a qualifying life event takes place. A qualifying life event is a change in your life that makes you eligible to enroll in health coverage. Examples of qualifying life events are moving to a new state, certain changes in income, and changes in family size (for example, marriage, divorce, or birth). However, if you are uninsured for just part of the year and then decide to purchase health insurance, you will have 1/12 of the yearly penalty applies to each month you uninsured.

If you enroll by March 31, 2014 then your coverage begins on May 1; coincidentally May 1st is when your premium is due. Also if you didn’t have coverage earlier in the year you won’t have to pay a penalty for any previous months (January to April). However, if you decide to not purchase health insurance then not only will you not be covered, but also you will have to pay the penalty. The penalty for not having health insurance for 2014 is either 1% of yearly income or $95 dollars, whichever one is more expensive. Then each year after 2014 the penalty increases. In 2015 it’s 2% of income or $325 per person. In 2016 and later years, it elevates to 2.5% of income or $695 per person! After that it is adjusted for inflation.

Don’t wait till the last minute to get health insurance. Purchasing health insurance takes time to consider what plan fits you best and rushing to find a plan could have consequences. We can help you find the health insurance plan that is not only Affordable Care Act approved, but also fits your budget and needs.

Avoid the health insurance penalty and click here to get coverage today.

Time is running out.

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