The Open Enrollment 2017 and the Presidential polls are around the corner. If Mrs. Rodham Hillary Clinton (leading) comes to power, will she be able to answer all the doubts about ACA?
The debate whether ACA is actually effective in helping every U.S. citizen acquire affordable health care coverage is really intense. True, you may still stay without health insurance coverage for you and family. However, it’s better if you checked these requirements by law before you decide to sleep through Open Enrollment 2017 (between November 1, 2016 and January 1, 2017).
Are you ready to pay exorbitant prices for health care services if you or your family member falls ill?
Also, under ACA, if you do not buy health coverage, you are liable to pay tax penalty. The federal govt. will calculate 1% of your and family’s total income. If it is greater than $95, they will charge you with that higher valued amount.
In 2015, the tax penalty was $325 per every adult and $975 for every family. In 2016, the value went up to 2.6% of your income or $695 per each adult and $2085 alternately for each family. 2017 will surely see these values go up. Calculate that with your premium payments. Got your calculations in place?
If you are not buying health insurance plans, your tax penalty will be calculated based on how many months you and your family did not buy the health care coverage. However, in case you are only uninsured for 1 or 2 months, you will not have to pay any fees at all.
Penalty cost for ACA
The calculation for ACA penalty cost is done in one of the two ways. You either make payment of a percent of your household’s gross earning or a flat amount designated for that particular year. The penalty amount has been increasing every year to maintain the pace with inflation.
Process to avoid penalty in ACA
The simplest process is to buy health insurance, either from the Federal, State or Private Health Insurance Exchanges.
You have to ensure that you enroll during Open Enrolment unless you have a qualifying event to be eligible for Special Enrollment. Otherwise, if you qualify, you may buy your insurance through Medicaid, private insurer or even through your company. But, make sure you are covered through some plan or the other and avoid paying penalty.