Health Insurance Open Enrollment is Here! Get Coverage Now!

ASHEVILLE, N.C. - Nov. 15, 2014 - PRLog -- The 2015 Health Care Reform Open Enrollment period has finally arrived for getting health insurance coverage under the Affordable Care Act! Everyone now has access to the Federal Health Insurance Marketplace and is able to view and select health insurance plans (or change plans) for 2015 through the Healthcare.gov website. But you only have a short 3-month window to get covered!

The Open Enrollment Period Closes on February 15, 2015.

Bottom line, if you want to have health insurance in 2015, you should get enrolled in the plan of your choice by February 15, 2015. Otherwise, you will have to wait until the next annual Open Enrollment Period for 2016, before you may enroll or make changes to your health insurance coverage (with limited exceptions).

Sharp Rise in Maximum Penalties for Remaining Uninsured in 2015!

Uninsured penalties more than triple in 2015! The 2015 Open Enrollment Period runs from November 15, 2014 through February 15, 2015. Failing to sign up in time may mean facing stiff financial penalties.

In 2014, the maximum family penalty for uninsured adults and children was $285 per family.

In 2015, the maximum family penalty for uninsured adults and children is $975 per family.

Uninsured individuals, without families, may face even higher penalties. Fines for remaining uninsured are based on the amount of your annual income that falls above the tax filing threshold, and are capped at the average annual cost of purchasing a bronze health insurance plan in your area.

In 2014, individual penalty for remaining uninsured was 1% of an adult’s annual income (based on the amount that falls above the tax filing threshold), or $95, whichever was greater.

In 2015, the individual penalty for remaining uninsured is 2% of an adult’s annual income (based on the amount that falls above the tax filing threshold), or $325, whichever is greater.

Here is an Example: If you are a single individual and make $65,000 annually, and you remain uninsured in 2015:

Then if the tax filing threshold is $10,000 (this is an estimated number for example purposes only), you will be fined 2% of $55,000 for a total penalty of $1,100. If the average annual cost of a bronze plan in your area is below $1,100 then your fine will be capped at that amount. Otherwise, you will need to pay the full $1,100 when you file your 2015 tax returns in 2016.

Subsidies Will Continue to Reduce Premium Rates in 2015.

When looking at initial plan premiums for 2015, remember that the premium you see may be higher than what you will actually pay. Under the Affordable Care Act (often referred to as “Obamacare”), individuals and families with incomes of less than 400% of the poverty level may qualify to receive subsidies in the form of advanced premium tax credits, to help lower the cost of insurance premiums.

Subsidy assistance for 2015 health insurance plans will be based on the existing 2014 Federal Poverty Level Guidelines.

A single individual that makes less than $46,680 annually will qualify for subsidy assistance. A family of four with a household income of less than $95,400 annually will also qualify for subsidy assistance. A table showing the full range of qualifying incomes for subsidy assistance for households of up to six people is available here (https://www.healthcare.gov/lower-costs/).

Health Care Reform is very complicated, but a qualified health insurance agent will make it easy for you. When you are ready to enroll in “Obamacare”, contact experts in the health insurance enrollment field.

Free Enrollment Help and Education is Available!

WNC Health Insurance is your resource for understanding the Affordable Care Act and health insurance enrollment. We are here to answer your questions about the Open Enrollment Period, available health insurance plans, and applying for subsidized coverage.

We have four locations in Asheville:

South Asheville: 1854 Hendersonville Road in South Asheville (next to Earth Fare)

Downtown: Buncombe County Health & Human Services, 40 Coxe Avenue

Medical District: WNC Community Health Services / Minnie Jones Health Center, 257 Biltmore Avenue

Hospital District: Memorial Mission Hospital

WNC Health Insurance is your one stop shop for individual, family, and group health insurance in North Carolina. Come and visit us for expert enrollment assistance. If you prefer, we can even help you enroll in health insurance over the phone or over the Internet! For more information, visit: www.WNCHealthInsurance.com

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