(Don't Waste Your Money) - It's almost time for state insurance exchanges and healthcare.gov to open for business for the fourth time. Will you be ready?
Open enrollment describes the window in which you can sign up for, or change your health insurance. If your health insurance is provided by your company, they set that window. But if you're going to get Obamacare, that window is between November 1, 2016 and January 31, 2017.
If you don't buy during that three month window, you might not be able to get it all and it's required by law for lots of people.
What happens if you don't get it:
In tax year 2016, the penalty for non-compliance is the greater of 2.5 percent of your adjusted gross income, or $695 per adult and $347.50 per child. That is capped at $2,000; it's the same in 2017 and beyond, with adjustments for inflation.
Where to get it:
If you're eligible for insurance under the affordable care act, just go to healthcare.gov. If your state has its own exchange, the website will steer you there.
Whether you're happy with your existing plan or not, you should shop on the exchanges; compare prices and deductibles. If you can find a better deal, or one that better meets your needs, this is the time to switch.
Bottom line? The penalty for not having health insurance is topping out this year. If you're required to have it, don't get caught flat- footed.
For more information, visit moneytalksnews.com.