Open Enrollment: The Big Questions Answered

Open Enrollment Crossroads

Am I eligible to receive a subsidy?

If you earn less than 400% of the federal poverty level, do not have access through affordable insurance through an employer or government program, then you most likely qualify to receive federal subsidies for health insurance. For dollar amounts, click here.

Do I have to offer health insurance to my employees?

No business has to offer health insurance to employees. However, if a larger business does not offer a minimum level of coverage to full time employees, they may pay a fine. The fines begin in 2015 for businesses with over 100 full-time-equivalent (FTE) employees, and not until 2016 for businesses with 50-99 FTE employees.

What if I don’t want to buy individual health insurance?

If you don’t already have coverage through an employer or other government program, you may be subject to a penalty. In 2015, the individual penalty goes up. Without any health insurance or exemption, individuals will have to pay the greater of:

· 2% of yearly household income, or

· $325 per person for the year ($162.50 per child under 18)

Eddie Patel