This is one of those themes I am sure I could continue forever. You have been warned.
You have seen part one and part two of the sucker punch. Let me tell you what all the hoopla
is currently about and I need you to pay attention. Today is December 16, 2015.
Prior to December 15, 2015 and I’d say about the first of the month, the media started with
you must enroll by December 15, 2015. That is the deadline. People hear this and don’t realize the entire
story. Therefore, people are panicking because they know if they don’t have health insurance, the law
says you will be penalized.
I began sending out messages through social media explaining, the deadline of December 15, 2015 is
when you must enroll for TRADITIONAL health insurance to begin on January 1, 2015. The enrollment
period closes on January 31, 2015. BY LAW, you can go two months without health insurance and not
My phone begins ringing yesterday with concern about the deadline of December 15, 2015.
The next concern is people don’t want to pay the penalty. There are a lot of stories in the media, the price of the penalty went up to $695. Really!! Really!! The price of health insurance went up as well and everyone cannot afford it. Let me share a few things about this.
(1) If you cannot afford the monthly premium for health insurance, a one time penalty which is less money out of pocket shouldn’t even be an issue.
(2) There are exemptions and waivers available for people to look at and see if they qualify and not be penalized for not having health insurance. Heads Up: In 2015 – tax time for 2014, 300,000 people paid the penalty that didn’t have to. The IRS knew this!! Guess who didn’t get money back!! Hmmm.
It is your responsibility to look at the exemptions and waivers. Are all tax preparers aware of the exemptions? I imagine they are not IF 300,000 people paid the penalty and should not have.
(3) Let’s say for instance you get health insurance. It starts in January and three months in to the year, you cancel it because you’ve been struggling to pay. You will be penalized for the seven months you didn’t carry health insurance (unless you determine you are eligible for a waiver or exemptions). Caution: Be careful when it comes to budgeting for health insurance!
There will be people who enroll for the first time. There will be people who re-enroll and there will be people who had insurance that choose NOT to re-enroll due to their not going to the doctor, high premium costs or those who had a bad experience with the insurance company.
What are solutions if you have been sucker punched?
- Determine how you have been sucker punched! If your insurance was cancelled because you got it through a Co-op, look at who is on the exchange now when you return to get health insurance.
- If you had to pay back the advanced tax credit and could no longer afford to have health insurance, go to the tab above that says Alternative Healthcare Solutions.
- Do you want to talk with me and ask questions? Send me an email through this site.
If you have read up to this point, pat yourself on the back!! You MUST be INFORMED!! Do not get taken advantage of!!