Have You Signed Up For Health Insurance Yet?

Open Enrollment Deadline

If you have not already signed up for a health insurance plan for 2015, there is no better time than now. The deadline for signing up for health insurance through open enrollment is February 15th. If you miss the deadline for open enrollment and do not sign up for a health insurance plan, you will face heavy fines and be left without coverage for the whole year.

If you sign up for health insurance before the deadline, your coverage can begin as soon as March 1st. The only way that you can sign up for health insurance outside of the open enrollment period is if you have a life event that qualifies you for a special enrollment period. Keep in mind that these qualifying life events, such as getting married or having a child, have a limited amount of time in which you can sign up for a policy after the event happens. You also have the option to sign up for a health insurance plan through Medicaid or CHIP at any time throughout the year.

The fines for not having health insurance for 2015 are much higher than they were last year. The penalty is either 2 percent of your yearly household income or $325 per adult and $162.50 per child in your household (whichever amount is more). Only your income that is above the tax-filing threshold will be used to determine the 2 percent, if that amount is higher. If you have to pay per person in your house, the maximum penalty per family is $975. The fine will be paid through your 2015 federal tax return.

For all of your health insurance coverage needs and to ensure that you have the right amount of protection for 2015, contact Pacific Group with locations in Laguna Hills and Palos Verdes Estates, California.