04 Jan Make sure you get all of your tax money this year.
Okay, so you missed the deadline for health insurance in December– What now?
Well, you have some options still!
In our current market system you as an individual have until January 15th to come in and enroll with us to be covered fully by February 2017. There is only ONE OTHER opportunity to register for the year without needing a special circumstance, and it has to be done by January 31st 2017. That will earn you coverage by March 2017, and though it’s not ideal, you’ll not be paying the $695 penalty for no Health Coverage in 2017.
Sign up by January 15th 2017 = $0.00 Paid to Penalty at Tax Time
( February 1st Enrollment )
Sign up by January 31st 2017 = $0.00 Paid to Penalty at Tax Time
( March 1st Enrollment )
No sign up for 2017 = Minimum $695 Penalty at Tax Time
If you do not enroll by the end of January, the only other time of year that you may enroll for health insurance is when you have a special circumstance– A Life Changing Event.
- You get Married / Divorced / Widowed
- You have a child / Adopt a child / Lose a Child
- You lose your employment
- Your Tax filing status changes
( We want to see you in the event of any of these changes, as they could effect your eligibility ).
So how does this add up?
For an individual who is approximately 26 years old…
- Income of almost $20,000 + Health Credit of approximately $280 = A Bronze Health Plan for about $7 a YEAR.
- Income of almost $20,000 + No Health Coverage = $695 ( or 2.5% of your annual income ) due at Tax Time out of your Taxes.
*And yes folks, they do go off of whichever will cost more— either the percentage or the once a year / individual fee of $695.
So you tell me, what’s more affordable? Insurance or No Insurance?