Time is running out for people who have not yet signed up for health care coverage under the Affordable Care Act. The deadline is this Sunday (January 31st) and the penalty for not having health insurance is much stiffer this year.
From the Los Angeles Times:
Since Obamacare‘s individual coverage requirement took effect in 2014, the federal government has imposed increasingly expensive fines to people who do not purchase coverage through health exchanges or obtain insurance through an employer or a government program such as Medicare.
This year, the penalty is $695 per adult and $347 per child up to a family cap of $2,500 or 2.5% of household income, whichever is greater. Last year’s penalty was $325 for adults, with a $975 maximum or 2% of household income.
A recent report from the Kaiser Family Foundation, points out the shared household responsibility penalty for all uninsured individuals is likely to jump from $661 in 2015 to a whopping $969 in 2016.
There are numerous reports about our nation’s millennials, many of whom are weighing the odds of health coverage versus a hefty fine. According to PBS Newshour, “Millions of young adults healthy enough to think they don’t need insurance face painful choices this year as the sign-up deadline approaches for President Barack Obama’s health care law.”
Here in Arizona, free help is available for folks who are confused about coverage options through the Cover Arizona Coalition. You can be connected with a local application assister by clicking here. There is also a lot of information available on the healthcare.gov website.
So, if one of your resolutions this year was to sign up for health care coverage before the deadline – there are only a few days left to do that. Our goal is to continue to bring you the information you need to make the best health decisions for yourself and your family…..and to make Arizona the Healthiest State in the Nation!