Open Enrollment, the time designated to enroll in or change your qualified health plan, begins November 15th. That’s less than three weeks away! Understanding the basics can help you take advantage of this important time period.  Brought to you by REALTORS® Insurance Marketplace, part seven of this nine part series will help you learn important facts about this year’s Open Enrollment.

       7. The Tax Penalty for not having a qualified health plan increases in 2015, 2016, and beyond.
Each year, the penalty for not having a qualified health plan increases. In 2014 it was $95 per person for the year ($47.50 per child under 18), or 1% of your yearly household income  whichever is greater). For 2015, the penalty will be $325 per person or 2% of your yearly household income. In 2016, it will be $695 per person or 2.5% of your yearly household income. As time goes on it will continue to be adjusted for inflation.

For more information please watch for our next part in this nine part series, posted weekly.

(Pssst…If you can’t wait to see all 9, click here.)

As of Monday, March 16th, We have directed our employees to work from home until further notice. As a result of our preparation, our staff will be able to assist our customers with the highest level of standards. As of March 17, we have fully transitioned to work from home and are able to practice social distancing.

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