If 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.
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.
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.
©2016 Wisconsin Physicians Service Insurance Corporation. All rights reserved. 28841-021-1601