Enroll in Obamacare by the January 31, 2016 deadline

Enroll in Obamacare by the January 31, 2016 deadline

If you want health insurance for 2016, you need to enroll in an Obamacare health insurance plan by Sunday, January 31. If you’re already enrolled, you have until Sunday to decide if you want to change plans. And if you don’t enroll in any plan by Sunday’s deadline, you could face a stiff penalty.

First time enrolling?

If this is your first time enrolling due to the fear of the cost, be aware that you may qualify for Obamacare to pay part of your monthly premium. Eight out of 10 people with a silver-tier level of insurance will qualify to have their premiums reduced to less than $100, according to a government estimate.

Already enrolled?

You may decide to keep your present insurance plan, but it’s worth shopping around before the deadline to see if you prefer a new and better Obamacare plan. One survey found that those who shopped around for new deals saved an average of $400.

How much of a penalty?

The minimum penalty for not having health insurance is now $695, with the average uninsured household paying $969. The fine is factored into a person’s tax return. Typically, it’s deducted from his tax refund.

The potential penalty is one strong incentive to purchase an Obamacare healthcare plan for 2016 by Sunday’s deadline, but your primary incentive should be looking after the healthcare of yourself and your family.

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