Open Enrollment Deadlines
The last day to sign up for health insurance during open enrollment is February 15, 2015, so make sure that you have the right coverage for the year. If you do not sign up for coverage during open enrollment, you will be left without coverage for the 2015 year and will face heavy fines.
If you had enrolled in health insurance for 2014 through open enrollment, you will automatically be re-enrolled in the same policy. However, you should still take the time to look at the new policies that are available to you, since your current policy may have changed, leaving you with less coverage, or even increasing in price. Looking over the new policies that are available can help to ensure that you are paying the right price for the right amount of coverage.
If you do not sign up for health insurance for 2015, the penalties will be much higher than in 2014. The fine is either 2 percent of your household income for the year or $325 per adult and $162.50 per child in your household for the year, whichever amount is more. The penalty will come out of your 2015 federal income tax return that is typically filed in early 2016.
The date that you sign up for coverage will impact when your coverage starts. If you sign up between the 1st and the 15th of the month, your coverage will start on the first day of the following month. If you sign up between the 16th and the last day of the month, your coverage will not start until the first day of the second following month.
For all of your health insurance coverage needs, from individual to group health insurance, contact the insurance experts at Access West Inc. in Murrieta, California.