The Affordable Care Act Open Enrollment is almost here, which means it is the best time to start looking at your health insurance options for the upcoming year. Open Enrollment starts on November 15 and closes on February 15, 2015. If you do not sign up for health insurance during Open Enrollment, you will be left without health insurance coverage for the 2015 year and will face heavy fines.

The fines for not having health insurance in 2015 are much more expensive than the penalties in 2014. If you do not sign up for health insurance during Open Enrollment, you will have to pay 2 percent of your yearly household income, or $325 per adult and $162.50 per child in your household for the year, whichever amount is higher. The penalty will be paid through your 2015 federal tax return, which most people file early in 2016.

When you sign up for health insurance coverage it will determine when your coverage starts. If you sign up between the 1^st and the 15^th of the month, your coverage will start on the first day of the following month. If you sign up between the 16^th and last day of the month, your coverage will start on the first day of the second following month. So if you sign up for coverage on December 16^th, you coverage will start on February 1^st.

The only way you can sign up for health insurance outside of the Open Enrollment period is if you have a life event that qualifies you for a special enrollment period.  Qualifying life events include getting married or divorced, having or adopting a child, or losing your health insurance coverage due to the loss of your job.

For all of your health insurance coverage needs, contact the insurance professionals at Steve Wilk Insurance Agency in Lombard, Illinois. We will work with you to ensure that you have the most comprehensive health insurance coverage for the upcoming year.