I got married on 9/20/15. Do we have to re-enroll?
Congrats! You should re-enroll to make sure you have the right health plan for 2016. With so many changes to health plans, pricing and subsidies, you can only be sure that you have the right coverage and are saving the most money if you shop, compare and re-enroll.
What if I don’t have a job?
If you don’t have a job, you are still required to have health insurance or you risk paying a tax penalty that’s either 2.5% of your income or $695 per person (whichever is greater).
What is a subsidy, exactly?
A subsidy is the financial assistance that the government provides to lower the cost of health insurance. On average it lowers the cost by 70% and for some people, it can be enough such that they may obtain coverage for free.
Are penalties given to families that lost their insurance due to force reduction?
The tax penalties apply, with very limited expections, to anyone who does not have health insurance. If you lost your insurance due to losing your job, you are expected to obtain new coverage.
What about those who are unemployed? Do they pay a penalty?
Being unemployed will not necessarily exempt you from the tax penalty.
I will have employer insurance until I retire in February. Can I still enroll then or what do I do at that point?
A. While most people need to enroll in health insurance during the Open Enrollment Period which is going on now, you may enroll at other times of the year if you have what’s called a Qualified Life Event (QLE). Losing your coverage from your employer is a QLE and will allow you to enroll in new coverage at that time.
What if the uninsured person is a full-time student and is not working at age 26?
You still need to obtain insurance to avoid the tax penalty.
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