Obamacare in Wisconsin
Have you enrolled for a health insurance plan in Wisconsin that meets the requirements of the Affordable Care Act?
If not, chances are you will pay hefty tax penalties when filing your return. Contrary to the rumors making the rounds lately, you certainly will not get jailed for failure to enroll for Obamacare; but to avoid the penalties while still remaining uninsured; proving your eligibility for an exemption is your safest bet.
With that said, what are the things you should know about Obamacare in Wisconsin? Let’s have a look, at what qualifies as Health Insurance Coverage Under the Act in Wisconsin?
To avoid the hefty, ever-rising penalties (as we will see), you have to be enrolled to a health insurance plan that meets the stipulated requirements. But what exactly qualifies as creditable coverage in Wisconsin?
- Medicaid, Medicare, or any coverage under the Children Health Insurance Program.
- Any individual insurance coverage purchased through HealthCare.gov or a licenced agent.
- An insurance plan under a veteran’s health care program.
- Coverage provided by your employer including COBRA.
- Coverage through the Peace Corps.
- Coverage from the U.S military (TRICARE).
If your plan isn’t included in the list above, then it would be in your best interest to talk to us immediately. It is also paramount to note that dental insurance, vision insurance, worker’s compensation or any other insurance plan limited to a specific condition don’t meet the requirements for coverage under the Affordable Care Act.
What Happens When You Fail to Update Your Income Information?
Obamacare offers monthly subsidies that may lower your coverage’s monthly premiums significantly hence providing a breather of some sorts. In fact, most people who applied for a plan, actually qualified for one. However, you only get assistance if your income is re-evaluated on an annual basis and any changes to your income may increase or decrease your subsidy amount.
In a nutshell, you are required to update any important information throughout the year and not only when enrollment is open or on-going. Failure to do so may lead to lack of subsidies for which you qualify thus ending up as a bank-breaking affair you could have avoided in the first place. When the enrollment process is opened, be as proactive as you can to relay any changes regarding your income and financial status. This may go a long way in offering much-needed assistance.
Where to Enroll in Obamacare in Wisconsin:
To enroll for an insurance coverage that meets the The Affordable Care Act requirements, contact a licensed agent, who can explain the plans, would certainly be in your best interest. From the agent, you will learn about all Obamacare options available for you to choose from, besides being guided throughout the enrollment process.
Tax Penalties on the Rise in Wisconsin!
Until, recently, the tax penalty for going without insurance was $325 for every adult and $162.50 per child or 2% of the annual family income, whichever is greater, adding up to a total of $975. In 2016 though, these numbers jump to a whooping $695 for every adult, $347.50 per child or 2.5% of the annual family income, whichever is greater, coming to a grand total of $2,085. These hefty amounts can only be avoided by signing up for qualifying health insurance coverage in Wisconsin.
Many Wisconsin people are guilty of purchasing a plan through the marketplace last year for instance, and then doing totally nothing about it this year. If this happens, you will likely be re-enrolled in your current plan. As easy as auto-enrollment sounds, it could lead to a plethora of unforeseen circumstances that could deeply chew into your pockets. For instance, your monthly premiums may change or even worse, getting enrolled for a different plan altogether. For these reasons, it is of paramount importance to remain proactive during enrollment.
All said you are better off signing up for a coverage that meets the stipulated requirements as stated above. Private insurance brokers and agents alike, can help you understand the options you have under Obamacare and unlike government trained counselors, they will suggest the best plan for you. For more queries you may be having about the Affordable Care Act, visit your local ACA certified agent. Paying the hefty penalties pegged to being uninsured can weigh you down, especially now that the fines have been hiked, think about it.