Believe it or not, the Affordable Care Act (ACA) Open Enrollment Period for 2016 is nearing its end.
Individual & Family Plan (IFP) applications must be received by 1/31/2016 for 2016 coverage. Your client cannot apply after 1/31 unless he or she qualifies for one of eight Qualifying Life Events.
If he or she can afford health insurance but chooses not to buy it, the shared responsibility penalty for 2016 is the greater of:
- 5% of income
- $695 per adult
- $347.50 per child
The maximum penalty is equal to the total annual premium for the national average of a Bronze tier health plan sold through the HealthCare.gov marketplace or $2,085.
Don’t miss this opportunity to get coverage for your clients before the 1/31 deadline.