If you went for more than 3 months without health insurance in 2016, you will be assessed a penalty when you file your 2016 income taxes.
Here are the penalty amounts for not having coverage in 2015, 2016, and 2017. You can estimate your possible penalty by using the Estimator tool found at this link: https://taxpayeradvocate.irs.gov/estimator/isrp/index.htm.
|2015||2016 and 2017
|$325 per adult
$162.50 per child
Family Maximum of $975 OR 2% household income, whichever is GREATER
|$695 per adult
$347.50 per child
Family Maximum of $2,085 OR 2.5% of household income, whichever is GREATER
The penalty fee will be adjusted for inflation in future years.
Avoid a Penalty – Get Covered During Open Enrollment!
Open Enrollment for 2017 health insurance runs from November 1, 2016 through January 31, 2017. You can save yourself a substantial penalty by making sure you have coverage in place for you and your family.
Virginia Medical Plans works with clients in Virginia, Maryland, and the District of Columbia, and can help you find the best coverage for your needs:
- If you live in Virginia and are eligible for a subsidy, visit www.enrollvirginianow.com to view plans and options.
- If you are not eligible for a subsidy, you can request an instant quote and see available plans and options by clicking here.
If you see a plan you like, you may enroll online.
We encourage you to take a look at your options and then call our office to review them with our licensed broker. We can help you choose the plan that will best meet your needs.
Call our office at 703-707-8270. We are standing by to take your call.
The last day to secure coverage effective January 1, 2017 is December 15, 2016.
We expect heavy call volume during Open Enrollment, so please don’t delay!