Health Insurance Open Enrollment

Health insurance open enrollment is here and you act by December 15, in order to get a January 1 effective date.

The “Affordable Care Act”, (also known as Obamacare), has dramatically changed how we manage our health care needs…..

If you don’t purchase the “minimum essential” coverage required by the new health care law and you are without coverage for over 90 days, you could be penalized up to 2% of your household income in 2015.  This penalty is based on how many months you were without coverage.  The penalty increases to 2.5% in 2016.

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The penalty increases with time.  In 2015, it would be $325 for an adult and $162.50 for a child (with a family maximum of $975), or 2 percent of family income, whichever is greater.  In 2016 and later, it would be $695 for an adult and $347.50 for a child (with a family maximum of $2,085), or 2.5% of family income, whichever is greater.

The Congressional Budget Office projects that 3.0 million people will pay a penalty in 2016.  The total penalty someone can pay will be limited to the average cost of a basic insurance policy sold through the public exchanges, starting in 2014.

The Affordable Care Act has made purchasing your health insurance affordable depending on your household size and your combined gross income.  Before you decide not to purchase coverage, let us help you determine what your options are and what it will cost.  Beck Insurance Agency has experienced agents who are licensed to conduct business both on, and off the Federal Exchange to help you.  Call us today to make your appointment at 419-446-2777.