Calculate the cost of not having health insurance

Calculate the cost of not having health insurance

Authored by Bukaty Companies on November 18, 2014

If you can’t afford health insurance, then you can’t afford not to have coverage.

The fines triple in 2015 under the Affordable Care Act.

Since you haven’t filed 2014 taxes yet, you might not realize that you could owe a fee at tax time, or have money deducted from your refund, if you were uninsured more than three months of the year.

How much you could owe depends on your household size and income.

The Wall Street Journal created this calculator to help you estimate fees.

The Individual Mandate, the part of the new health care law that requires all individuals to have health insurance, took effect last year. Things get more serious in 2015. Beside the fine increase, you also have a shorter window to get covered.

Open Enrollment closes February 15, 2015. After this date, you can only buy coverage with a qualifying event – such as getting married, having or adopting a child, or moving out of state.

To use your new health insurance policy on January 1, you’ll need to enroll by December 15. Grab a sticky note and jot down these important dates:

November 15, 2014 - Open Enrollment begins
December 15, 2014 - Last day to enroll for January 1, 2015, coverage
February 15, 2015 - Last day to enroll for coverage in 2015

Keep in mind, you might qualify for a subsidy (also called a premium tax credit) to help pay the cost of your monthly health insurance bill (also known as your health insurance premium).

If you live in Kansas or Missouri and would like free assistance determining subsidy eligibility and reviewing competitive health insurance plans, call the Bukaty Marketplace, 913-333-3389.

All enrollment specialists are licensed and Health Insurance Marketplace certified.

To your health!