What To Do If You Miss The Open Enrollment Deadline

Health Insurance Deadline The deadline to sign up for a health care plan for 2015 is February 15th, which is less than a week away. If you do not sign up for a health insurance policy during the open enrollment period, you will be left without coverage and have to pay a fine, unless you have a life event that qualifies you for 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 in your household for the year-whichever amount is more expensive. The penalty will be paid through your 2015 federal tax return. Some of the most common life events that can qualify you for a special enrollment period outside of open enrollment include:
  • Adopting a child, having a baby, or putting 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 other similar event. Keep in mind that voluntarily giving up your coverage does not count as a qualifying life event.
  • Moving your permanent residence to a different state that does not offer the health plan that you are currently enrolled in.
It is also important to keep in mind that you have the choice to enroll in CHIP or Medicaid at any point throughout the year. For more information on the Affordable Care Act (ACA) and how it will affect your health insurance coverage for 2015, contact Pacific Group with locations in Palos Verdes Estates and Laguna Hills, California.