Common Mistakes

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Having health coverage is actually no longer a choice. If you do not have health insurance coverage through the exchange, your employer, through a private company off the Obamacare exchange, or Medicaid, then you are subject to a penalty that the IRS will collect. The fines for not having coverage are high and getting higher each year. The current fees are $695 for an adult and $347.50 for a child. In 2016, a large number of people applied for coverage, as did millions across the country. Many ended up making some mistakes on their application, which delayed their enrollment. You do not want to make those same mistakes. Let’s look at some of the most common mistakes on the application process. To Get a free health insurance quote Click here.

Missing and Incorrect Information – Many times, people simply do not fill out all of the information required on the form. Whether they miss a section or they don’t think it is important, they are turning in applications that are missing some important info. When you fill out the application, it is important to look at all of the required sections and to provide accurate information. The accuracy of the information entered has been a problem as well. You should always make sure to double-check all of the information on the application including names, birthdays, and Social Security Numbers.

Make sure everyone included on the application is in the right section as well. In some instances, officials have found spouse’s names in the section for dependents.  In addition, be sure to include everyone on the application that you want to have covered under a plan. Remember that the changes to the law with Obamacare now allow children who are up to 26 years old to remain on their parent’s coverage.

Incorrect Income – Another issue that the officials have seen is incorrect reporting of income. When you fill out the application, you need to give an accurate (as accurate as possible) account of your income. The amount that you make will determine how much money you may be eligible to receive in tax subsidies. If you report that you make more income than you actually do, it will mean you are not able to get as much in subsidies. However, if you try to take the opposite approach and under report your income as a way to get more in subsidies, you can be sure the IRS will find out.

Not Remembering the Open Enrollment Period for Obamacare – Finally, you have to be aware of the open enrollment period. For 2016, the open enrollment was from November 1, 2015 to January 31, 2016. This means it is now closed. You will not be able to enroll for coverage until November of 2016 unless you qualify for special enrollment due to a qualifying event. Always make sure you are within the bounds of the open enrollment when choosing your plan and enrolling. You want to take your time, but you do not want to miss the enrollment or else you will be forced to pay more fines.

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Speak with a Live representative, call (855) 303-0841

  • Get a Free Health Quote - No Hidden Fees
  • Speak to a Real Human
  • We will answer any other Health questions
  • Learn How to Avoid the Tax Penalty

(Operators available 9am-9pm EST)