By now, you may have known that everyone here in Michigan must have a health insurance company who manages their policy in 2014 or else pay a penalty. This is the individual mandate included in the newly implemented ObamaCare law. Everyone who does not carry insurance will have to pay $95 per adult and $47.50 per child.
It is recommended to get health insurance of any kind, especially here in Michigan. Even purchasing a catastrophic coverage can help, because unexpected medical expenses can be too much for anyone who is uninsured.
If you managed to be enrolled this year’s final day of March, lucky for you. However, for those who weren’t able to comply, it is not until November 15, the beginning of the next open enrollment, that you will get another chance to be able to purchase a health insurance policy that qualifies. Unless you have a qualifying life event, you are forced to pay the penalty for noncompliance. The deal is, why pay the penalty if you can have health coverage for you and your family? Nothing beats the security of having a good health insurance plan to help you when your body is down.
Frost and Remer, your local health insurance agents, are ready to help. Private health plans are still available for local purchase and you can still find yourself covered even if you missed the federal deadline. Take note that the amount of the tax penalty can increase due to personal circumstances and dependents. Tax and health care reviews are done to help consumers determine potential tax penalty.
Unless you were uninsured for less than three months of the year, you don’t need to pay the tax. But still, the tax will be applied each month within the year whenever you don’t have any coverage for yourself or a family member.
Weigh your risks properly. Choosing to skip on health insurance only means that you’re on your own when handling all your health care costs. And this isn’t cheap; it includes doctor visits, vaccinations, screenings, check-ups and emergency visits.
Make sure you’re protected. Contact Frost & Remer health insurance company and get covered today.