The official Open Enrollment period for 2017 begins on November 1, 2016 to January 31, 2017.
- November 1, 2016 – First day you can apply or change current coverage for a 1/1/17 effective date
- December 15th, 2016 – Last day to apply in order for your coverage to be in effect with a 1/1/17 effective date
- January 31st, 2016 – This is the last day to apply for coverage for plan year 2017
If you miss the Open Enrollment window you will not have coverage unless you qualify for a Special Enrollment, which is along the lines of having a baby, losing your job, moving out of state or other “major” events.
There are tax penalties which will be assessed at tax time if you are not enrolled in a qualified health plan, for 2017 these fines are:
- 5% of your income, or $695 per adult (whichever is greater) for each child that amount is $347.50 with a maximum penalty set at $2,085
What is a “Qualified Health Plan”? These are plans that must, by law cover the following 10 essential health benefits they are:
- Preventive Care and Wellness Services
- Lab Tests
- Dental and Vision care for children under the age of 18
- Prescription Drugs
- Emergency Care
- Inpatient Hospitalization
- Outpatient care, including chronic disease management
- Pregnancy and Newborn Care
- Rehabilitation Services and Devices
- Mental Health and Substance Abuse Services
Help Paying for your Insurance
Your family size and income will determine your eligibility for tax credits. You may qualify for a premium tax credit to help pay for the cost of your insurance premiums if your family income falls between 100 and 400% of the federal poverty level.
If you have suffered a hardship, you may not be required to buy health insurance if you qualify for a hardship exemption. These include the following:
- Being insured for less than three months out of the year
- You are a victim of domestic violence or suffered from a natural or human-caused natural disaster
- You are not in the U.S. legally
- You are incarcerated
- You have been evicted or have suffered bankruptcy
- A close family member has died, or you had unexpected expenses related to caring for an elderly, ill or disabled family member