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Health Insurance Marketplace
Fri March 21, 2014
Open Enrollment Deadline Looms
Everyone must have health coverage whether it’s a private plan, through work or a government subsidy by March 31. Those who don’t will face a tax penalty next year.
Fee (tax penalty) for those uninsured will grow annually.
- 2014: 1% of yearly household income or $95 per person, whichever is higher.
- 2015: 2% of yearly household income or $325 per person, whichever is higher.
- 2016: 2.5% of yearly household income of $695 per person, whichever is higher.
Ericka Williams is a spokeswoman with insurance agency, Health Alliance. She said many individuals making under $46,000 a year to upwards of $95,000 for a family of 4 are likely eligible for a subsidy to lower coverage costs.
“Really just look and see what’s out there,” said Williams. “Figure out what plan is right for you and make sure you get enrolled by March 31 because that is the deadline. After that, in most cases, you’re not able to pick up coverage again until January 1, 2015.”
The U.S. Department of Health and Human Services estimates 43,000 Iowans, 143,000 Illinoisians, 118,000 Missourians will sign up for coverage by the March 31st deadline.
Decision by CMS