A Short Intro to Healthcare Reform:
You must have health coverage or pay a tax penalty.
- Most individuals will have to have health insurance coverage. If you don't, you will pay a tax penalty on your federal income tax return at the end of the year. How much? In 2016, you'll pay the higher of these two amounts:
- 2.5 percent of the total yearly income of each member of your household
- $695 per person.
You will be able to get insurance, even if you've been turned down before.
- You are guaranteed health insurance coverage, even if you have a serious or long-term condition, illness or injury. It doesn't matter if you've applied before or have been turned down for coverage.
You may qualify for a break on your insurance premiums.
- Those who make less than four times the Federal Poverty Level may qualify for a break on their insurance premiums. Depending on your income and household size, you could pay as little as $0 each month. Use this online premium assistance tool to see if you may qualify for premium assistance.
Many health insurance plans will include broader benefits.
- Preventive and wellness services will be covered by your insurance at $0 when you go to an in-network provider. In other words, when you go to the doctor, you won't pay for these services out-of-pocket if you go to a doctor in your network.
Other important points about the healthcare system:
- Do I Qualify For Premium Assistance? »
Use this tool to see if you'll qualify for a break on your health insurance premiums. This tool will give you a good idea about whether you can expect a subsidy, but is not official. Only the government can tell you if you officially qualify through the Health Insurance Marketplace beginning November 15, 2015.
Contact an authorized
agent for expert advice.