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Individual Mandate Penalty / Open Enrollment

Anyone without health insurance during 2014 is probably already familiar with the 1% of income penalty assessed for not having insurance. What you might not know is that the penalty increases in 2015 and 2016, when it becomes 2% and 2.5%, respectively.

In order to avoid next year’s penalty, make sure that you have a health plan set up before the end of the year. To purchase insurance through the marketplace, the open enrollment period starts November 1. Here’s the link:Ā 2016 Open Enrollment dates.

Do you have the support you need to manage your small business bookkeeping? Schedule a 30-minute appointment to speak with a local small business adviser.

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