It’s just about that time of year again; open enrollment for the Affordable Care Act begins November 1. This means that if you buy your health insurance through one of the state exchanges or through healthcare.gov, you must make any additions or changes to your coverage during this period, which extends until January 31, 2017.
What happens if you don’t act during this window? You likely won’t be able to make any changes until the next open enrollment period. More importantly, if you are stuck without coverage you are faced with a fine. This fine amounts to the greater of 2.5% of your household income or $695.00/adult and $347.50/child. This penalty is capped at $2085.00 and will be the same for 2017 and beyond with adjustments for inflation.
Where do you go to find coverage? Just go to healthcare.gov where you can either purchase it directly or be directed to your state exchange if applicable.