2017 Open Enrollment for Affordable Care Act Opens Soon

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.

Advertisements

About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
This entry was posted in Government, Health Care, IRS, Personal Finance, Tax Law Changes, Tax Tips and tagged , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.