Final days nearing for local residents to purchase needed 2016 health insurance

The 2016 Individual Open Enrollment Period (OEP) ends on Jan. 31, 2016. After that date, individuals will not be able to purchase health insurance for themselves or their families for the remainder of 2016.

The only exception would be in the case of a qualifying event, which would enable individuals to sign up for the Special Enrollment Period (SEP). Examples of qualifying events include getting married, having a child or losing other coverage.

?It?s crucial that people in the area understand the result of missing this deadline,? explained Andrew Krehbiel, of Krehbiel Insurance, in Mt. Pleasant. ?If they don?t sign up by Jan. 31, area residents and their families could be without health insurance for the rest of the year.?

Individuals who choose not to be insured will pay a much higher penalty in 2016 than in previous years.

?In 2014, the penalty was $95. In 2015, the penalty rose to $325. This year the penalty will be at least $695 per person,? explained Krehbiel. ?The cost only increases for people with dependents. Individuals who are under 18 years old will have a penalty of $374.50.?

According to the Affordable Care Act website, Healthcare.gov, people who are seeking coverage for March 1, and the remainder of 2016, need to enroll by Jan. 31.

Individuals who still need health insurance coverage are encouraged to contact a qualified expert for assistance.

?There?s a lot of confusion about deadlines and what kind of coverage to enroll in,? explained Krehbiel. ?It?s very important to ensure the person you go to for help is a certified professional. They are the only ones who can help individuals find the best policy.?