WPS Health Insurance Blog

2016 open enrollment ends Jan. 31

Posted by Ryan Kanable

Jan 21, 2016 9:00:00 AM

calendar.jpgIf you still haven’t signed up for health insurance coverage for 2016, your time is running out! Open enrollment ends Jan. 31. With only a handful of days left, now is the time to talk to your local agent about getting health coverage.

WPS Health Insurance offers health plans off of the Health Insurance Marketplace. Our subsidiary, Arise Health Plan, offers a range of plans on and off the Marketplace.

Don’t go without

If you apply before the end of the month, your health insurance can take effect on March 1. This is good news, because if you go without health insurance for a three-month period or longer, you may have to pay the penalty tax. Under the Affordable Care Act, not having health insurance results in a tax penalty. For 2016, that means $695 per adult and $347.50 per child OR 2.5% of household income over the tax filing threshold, whichever is greater. The maximum penalty is $2,085. There are some exemptions.

Financial help

If you purchase a health plan through the online Marketplace, you may be eligible for advanced premium tax credits (APTC), which can reduce the amount you pay for your plan. Additionally, if you meet certain requirements and buy a Silver-level plan, you may qualify for cost-sharing reductions on out-of-pocket costs for health care services.

Talk to an agent

If you would like some help sorting out your options, call your local insurance agent and talk through your options. You can also call one of our WPS sales agents at 1-800-236-1448 and discuss WPS or Arise insurance plans.

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Topics: health insurance