Don’t wait! The open enrollment period is almost over.
Here are some important dates you need to keep in mind.
- November 1, 2016: Open Enrollment begins
- January 1, 2017: 2017 coverage starts for those who enroll or change plans by December 15.
- January 15, 2017: Last day to enroll in or change plans for new coverage to start February 1, 2017.
- January 31, 2017: 2017 Open Enrollment ends. Enrollments or changes between January 16 and January 31 take effect March 1, 2017.
- Open Enrollment ends January 31, 2017. If you haven’t enrolled in a health insurance plan by then, you generally can’t buy Marketplace health coverage until the next Open Enrollment Period for coverage the following year.
- If you were enrolled in a 2016 Marketplace plan, your benefit year ended December 31, 2016. To continue health coverage in 2017, continue to pay your monthly payments. This will continue your current health plan.
- You are required by Federal law to have health coverage. If you don’t have health coverage in 2017, you may have to pay a fee. The fee is sometimes called the “penalty”, “fine”, or “individual mandate”. Generally, the fee is the higher of these two amounts*:
- 2.5% of your yearly household income. Only the amount of income above the tax-‐filing threshold, about $10,150 for an individual in 2014 is used to calculate the penalty. The maximum penalty is the national average premium for a Bronze plan.
- $695 per adult / $347.50 per child under 18. The maximum penalty per family using this method is $2,085.
- You’ll pay the fee on the federal income tax return you file for the year you don’t have coverage. Most people will file their 2016 returns in early 2017.
*This is the tax information for the 2016 tax year and could change. Visit www.healthcare.gov for any update.