Health Insurance Marketplace Deadline looms!

Health Insurance Marketplace Deadline looms!

Coverage will begin Feb. 1 if you purchase a plan between Jan. 1-15. Coverage will begin March 1 if you purchase a plan between Jan. 16-31.

If you are not enrolled in a health plan by Jan. 31, and remain uninsured for 2016, a penalty fee of will be required when you file your 2016 taxes. The penalty fee for 2016 is $695 for each adult and $347.50 for each child, but no more than $2,085 per family or 2.5 percent of your family yearly taxable income.

At Muneris Benefits, we have helped hundreds of folks in Virginia and West Virginia enroll in the Healthcare Marketplace during the last three months. The final enrollment date is January 31st. After the deadline, you are locked out of the marketplace unless you have a Special Enrollment Period (SEP).

Examples of a Special Enrollment Period include the following:

  • If you have a baby, adopt a child, or place a child for foster care: Your coverage can start the day of the event – even if you enroll in the plan up to 60 days afterward.
  •  If you get married, lose health coverage, move to a new state, or qualify for a Special Enrollment Period another way: Pick a plan by the last day of the month and your coverage can start the first day of the next month.

Other life changes that can qualify you for a Special Enrollment Period.

  • Moving to a new state
  • Changes in your income that affect the coverage you qualify for
  • Gaining membership in a federally recognized tribe or status as an Alaska
  • Native Claims Settlement Act (ANCSA) Corporation shareholder
  • Becoming a U.S. citizen
  • Leaving incarceration
  • Change of dependency status of someone on your plan
  • Death of a covered member of your household
  • Turning 26 and aging off of a parent’s plan
  • AmeriCorps members starting or ending their service

For more information regarding the Health Insurance Marketplace, do not hesitate to give Muneris Benefits a call – you’ll be glad you did!

Burman S. Clark

Burman S. Clark, RHU, CSA is the President of Muneris Benefits and a licensed insurance broker and consultant. His independent practice and focuses on employee benefits, individual life, disability, medical, and senior products. Burman has traveled extensively and provided guidance to large employer associations with regards to the Affordable Care Act.