It’s that time of year, your health insurance is up for renewal or you might be in the market for the first time.
The big question here is: Are you covered for your medical expenses? In central Illinois, the days are starting to get shorter and the weather is starting to get colder. The changing weather brings about flu and other types of seasonal sickness. This is the perfect time of year to diagnose your health insurance needs and understand the guidelines for enrolling into a health insurance policy.
So what are some things you need to know?
- Timing is everything. If you enroll anytime before the 15th of each month, you will be covered the following month. So let’s say you enroll November 14th 2015, your policy will become effective December 1st, 2015. Open enrollment will end February 28th, which means that if you wait until the last day to enroll into a health insurance, your policy will become effective April 1st, 2016.
- Penalties. As of 2015, the penalty for not having health insurance is $325 for a single adult or 2% of your annual income, whichever is higher. As of 2016, the penalty is becoming steeper. The new penalty is $695 or 2.5% of your annual income, whichever is higher. However, this is not a fine and can only be taken from an individual’s tax return.
When it comes to insurance, many of us are guilty of procrastinating and waiting for the last minute. That’s why we have made it very easy for you to renew your plan or get enrolled!
How? We will help you enroll/renew, guide you through your options, and help you with any questions you may have – FOR FREE! As always, you can stop by our Mattoon, IL office or give us a call at 217-235-2555 with any questions you may have.