Today Sunday is the Obamacare deadline to avoid $695 penalty

The penalty for not buying insurance is $695 per adult and $347.50 per child — or more

It’s time to buy health insurance. Those who don’t have coverage through work have until Sunday, Jan. 31, to buy an individual policy for this year.

Those who miss the deadline will be shut out of the major medical insurance market for the rest of the year,
unless they experience a life event that qualifies them for a special enrollment period. This applies equally to those who are buying Obamacare — that is, coverage through the federal marketplace at healthcare.gov or through their state exchange — and to those who are buying off-exchange, either directly from the carrier or through a broker. The open enrollment period is synced for both to prevent people from timing their purchase to when a health need arises.

People who don’t get covered will have to pay up. The penalty for not buying insurance for 2016 is either $695 per adult and $347.50 per child under 18, or 2.5% of the yearly household income, whichever is higher. Consumers who don’t qualify for an exemption on religious or other limited grounds will have to pay this penalty next year when they file their 2016 federal income tax return. (Those who go uninsured for no more than two consecutive months are not subject to the penalty.)

Coverage for people who enroll by Jan. 31 will take effect on March 1, 2016. Open enrollment is also an opportunity for those with existing coverage to switch plans; changes made by Jan. 31 will also take place on March 1.

Looking at total costs
Consumers often pay the most attention to the monthly premium when shopping for health insurance. While that’s one factor, it’s important to look beyond the premium to the overall health care costs that a plan might involve. A new tool on healthcare.gov makes it easier for consumers to get a sense of their overall costs. 

This new out-of-pocket cost feature gives consumers with self-reported medical care consumption levels of low, medium or high an estimate of their combined premiums, copays and deductibles (the amount the consumer must pay out-of-pocket each year before the plan pays anything, outside of limited preventive services) for a selected plan. Someone with a chronic condition or two who visits doctors regularly may incur lower overall costs in a plan with a higher monthly premium and a lower deductible, versus a plan with a lower premium and a higher deductible.

 

source: MW Market Watch