Monday, January 25, 2016

Avoid Affordable Care Act penalties!

The penalties under the Affordable Care Act for not having health insurance are going up for 2016.  Apparently the previous penalties were not enough of an incentive, because the ACA's new penalties are more than doubling.

Those without health insurance were charged $325 or 2 percent of their household incomes–whichever was higher–in 2015. That penalty will jump to $695 per adult, or 2.5 percent of their income, in 2016, according to the government.

Luckily, it's not too late to get health insurance.

I've been getting emails from Healthcare.gov for months, and the most recent emails state that the final deadline for open enrollment is fast approaching, but that you still have this last chance to get health insurance through Obamacare.

Don't wait!  There are some special circumstances that allow you to get health insurance outside of the open enrollment period, but if you know you'll need it, either get it now or verify that you'll qualify for the open enrollment period.

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