Charles City, Iowa – If you’re interested in health insurance coverage through the Affordable Care Act, Sunday is an important deadline for you.
The open enrollment period for 2016 ends on January 31st. If you don’t have insurance purchased by then, you won’t be able to buy it the rest of the year.
If you don’t enroll in Obamacare in 2016, on your 2016 tax return you’ll be fined 2.5 percent of your income or $695 per adult, whichever is higher. By comparison, the fine in 2014 was $95 and the fine for 2015 income tax returns is a $325 minimum.
If you miss the January 31st deadline, you cannot enroll until the Marketplace re-opens in November unless you have a special “life event” such as having a baby or losing your job. This is designed to prevent people from taking advantage of the system by enrolling and dropping insurance multiple times a year only when they get sick.