With website malfunctions and initial confusion during the first Obamacare open enrollment period, Obamacare officiates gave individuals who failed to enroll a break. However, if you fail to enroll during the second Obamacare open enrollment period, which begins on November 15th, 2014 and ends on February 15th, 2015, you will be faced with new penalties.
There are two ways in calculating how much an individual is required to pay for their monthly penalty. Once these two methods are calculated, you will be required to pay the higher amount. The first way is by calculating 2% of your household annual income. The second calculation method is $325 per person annually. Children are only $162.50 annually until they turn 18 years old. However, these numbers will continue to grow. In 2016, if you do not obtain health insurance, you will be required to pay either 2.5% of your annual household income or $695 per person annually.
To avoid being charged annual penalties, simply enroll for health insurance during the second Obamacare enrollment period!
Contact Sackett & Associates Insurance Services in Sonoma County for all of your California individual health insurance needs. Regulations surrounding Covered California can be confusing, which is why we are available around the clock to ensure that you obtain health coverage that meets all Affordable Care Act regulations. The last thing we want is for you to be faced with penalties for not complying with all new rules and requirements. Allow the Certified Covered California agents at Sackett & Associates Insurance Services to assist!