March 26, 2014
If you still haven't signed up for an individual or family plan for 2014, you have until the end of open enrollment on March 31 to do so.
Here's what you need to know:
What happens if I don't buy a health plan before the open enrollment deadline?
You may have to pay a penalty.
Most people who choose to go without health insurance coverage will pay a fine when they file their 2014 taxes. For 2014, this fine is $95 per adult and $47.50 per child (the greatest fine for a family is $285) or 1% of income, whichever is greater. This fine will increase each year.
You cannot enroll in a Qualified Health Plan until Oct. 1, 2014.
The next open enrollment period runs from Oct 1., 2014, through Feb. 15, 2015. Plans purchased during this time won't cover you and your family until 2015. But, you may be able to enroll in a plan before then if you have recently gone through a qualifying life event such as:
If not, you can buy temporary insurance to fill the gap in coverage until 2015. Keep in mind that you may still pay a penalty if you buy a short-term insurance plan.
To avoid this penalty and to make sure that you have 2014 coverage, enroll in a plan today. Start shopping now to compare BCBSNM plans and find the right one for you.
If you think you qualify for financial assistance you can shop for coverage on the Exchange.
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