Open Enrollment is Open!

Open Enrollment for health insurance coverage for 2015 is now open! Make sure to sign up for your individual health insurance policy before Open Enrollment closes on February 15, 2015. If you not sign up for health insurance during Open Enrollment, you will not have any health insurance coverage for 2015 and will have to pay heavy fines.

The fines for not having health insurance in 2015 are much higher than the fines for not having coverage in 2014. If you do not have coverage, you will have to pay either 2 percent of your household income or $325 per adult and $162.50 per child under 18 in your household for the year, whichever amount is higher. The fee will come out of your federal income tax return for 2015, which will most likely be filed early in 2016.

There are some situations in which you will not be fined if you do not sign up for health insurance coverage for 2015. You can qualify for an exemption from the penalty for not having health insurance if:

  • You do not have health insurance for less than 3 months of the year.
  • The lowest priced health insurance plan that is available to you would cost more than 8 percent of your total household income.
  • You do not have to file a federal tax return because your income is too low.
  • You are a member of a federally recognized tribe or are eligible for health services through an Indian Health Services provider.
  • You are a member or a recognized health care sharing ministry.
  • You are a member of a federally recognized religious sect that has religious objection to insurance, including Medicare and Social Security.

For all of your health insurance needs for the upcoming year, contact the insurance professionals at Mayer Insurance in Apple Valley, Minnesota.