Would it surprise you if we told you that since the beginning of 2019 there hasn’t been a tax penalty for not having health insurance? Well, there’s not. You won’t have to pay any additional funds if you don’t have an active health insurance plan. However, just because there isn’t a tax penalty doesn’t mean you shouldn’t have health insurance.
The risk of not having any insurance could end up costing you more than you would have had to pay in previous years of a tax penalty. Getting sick or having to go to the hospital for something can bring medical bills you may not be able to afford. By taking the time to get signed up for health insurance you give yourself just that…insurance for the future.
Open Enrollment for 2020
A really common question people have is, “When am I able to sign up for health insurance?”. The best time to take advantage of is the Open Enrollment season. This is a specific time frame every year that people can sign up for health insurance for any reason. From November 1st of 2019 through December 16th, anyone can sign up for a health insurance plan. That’s 45 days for you to find a health insurance plan that not only fits your needs but fits your budget. The open enrollment period usually runs until December 15th, however, in the year 2019 the 15th falls on a Sunday so it has been extended one day to accommodate for this.
Don’t worry about having a qualifying income to apply, any income is considered when signing up for health insurance. However, if your income falls between 100-400% of the federal poverty line, you may be eligible for a subsidy. This means your monthly costs could be lowered and improve your benefits.
Special Enrollment Periods
If you happen to miss the open enrollment period, there are times outside of these 45-days you need to look out for and take advantage of. Things such as life-changing events allow you to sign up for health insurance. Life events that qualify as a special enrollment period include:
- Losing Health Coverage
- Moving
- Getting Married
- Having a Baby / Adopting a Child
You usually will have 60 days following the life event to enroll in a health insurance plan. If you miss that 60-day window, you will have to wait until the next open enrollment period to apply. However, you can apply for Medicaid, Medicare, or the Children’s Health Insurance Plan (CHIP) at any time of the year. You don’t have to have a qualifying life event to enroll in these government-aided health insurance plans.
Choose a wise future with FutureWise Insurance. Call us at (210) 469-3900 or email at info@futurewiseinsurance.com OR you can reach out to us through our online form!
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