If you can afford health insurance but choose not to buy it and you do not have an exemption, you will likely be assessed tax penalties that will be collected with your federal tax return.
According to Healthcare.gov, https://www.healthcare.gov/fees-exemptions/fee-for-not-being-covered/, the fees for not having coverage in 2016 are increasing and will be the higher of these two amounts:
· 2.5% of your yearly household income
· $695 per person ($347.50 per child under 18)
Open enrollment for Affordable Care coverage begins on November 1 and closes January 31, 2016. During this period, it is important for you to review your health care plan and make any changes or sign up for coverage for the coming year. To begin shopping for your Affordable Care plan go to www.mutskoinsurance.com and click on Online Quotes.
Don’t put off enrolling in a plan. If you have questions or need help finding the right coverage, call me at 440-255-5700 or email me today.