The penalty for not having compliant health insurance for 2015 goes up to 2% of your income! You need to act now to prevent this from happening. Open enrollment runs from November 15th, 2014 to February 15, 2015. After February 15th, 2015, you cannot purchase health insurance unless you have a qualifying event, so you very easily could get stuck paying the penalty!
As most of you know, health insurance has become the largest investment people make, with the possible exception of their home. Since such a large portion of family outlays go for this area, it is very important to get it right. Here are a few items you need to be on top of at this time:
As stated above the penalty for not having a compliant health plan goes up in 2015 to 2% of your income! That’s $2,000 for my average listener.
In most cases, you will not be able to correct the situation after February 15, 2015. Last year, many people who waited to the end had the clock run out on them in the crush at the end of open enrollment.
Most markets have new carriers this year which means more competition and the rates for many of last year’s plans have increased by double digits which demands a need to re-look at the carrier and plan.
One of the brightest spots is in NY where we have new plans and new carriers that can really give you some new options.
While my average listener may not be eligible for a tax credit, some of you are. And more than that, people around you, employees, children, grandchildren, and other family members, may need a tax credit to pay the high premium costs this year. We can help them with this.
Again this year’s plans cannot reject you or have a waiting period for any pre-existing conditions you may have, so you can feel free to take advantage of different benefits and lower premiums regardless of your health status.
A great resource I recommend on my radio shows is Medical Repricing. This service can help you with health insurance questions and options. Visit the website or call 877-642-5657 to get help finding the best solution for you or those you care about.