The Deadline For Open Enrollment Is Fast Approaching!

Health Insurance Medical Wellness Business ConceptOpen Enrollment Deadline

The deadline for the open enrollment period is fast approaching. If you do not sign up for health insurance coverage by February 15th, you will be left without health insurance for the year and will face heavy fines. The only way that you can sign up for health insurance outside of open enrollment is if you have a qualifying life event that will allow you to sign up during a special enrollment period.

The fine for not having health insurance in 2015 is either 2 percent of your yearly household income or $325 per adult and $162.50 per child for the year (whichever amount is more). Only the amount of your income that is above the tax-filing threshold is used to calculate the 2 percent penalty. If you have to pay the penalty per person in your household, the maximum penalty is $975 per household. The fine will come out of your 2015 federal tax return, which is typically paid early in 2016.

There are many different qualify life events that allow you to sign up during a special enrollment period outside of the open enrollment period, including:

  • Having a baby, adopting a child, or placing a child up for adoption.
  • Getting married or getting divorced.
  • Losing your health insurance coverage due to the loss of your job, aging off of your parent’s health plan, losing your eligibility for CHIP or Medicaid, or any similar event. Keep in mind that voluntarily giving up your health insurance will not qualify you for a special enrollment period.

If you do not qualify for a special enrollment period and do not sign up for coverage through open enrollment, you can still sign up for CHIP or Medicaid or certain types of temporary private health insurance throughout the year by using a private agent.

For all of your health insurance needs, contact the insurance professionals at Desert Empire Insurance in Palm Desert, California.