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2015 Obamacare Changes (Individual Market)

The open enrollment period for 2015 is just around the corner, and Associated Agencies wanted to point out some changes that will affect the policies. The biggest change has to do with the penalty for not signing up. Per adult, the 2014 penalty is $95 or 1% of your adjusted gross income, whichever is greater. For 2015, this increases to $325 per adult or 2% of your adjusted gross income, whichever is greater.

Another change in 2015 is the maximum out of pocket expenses to the consumer are being increased. Currently for 2014, $6350 for an individual and $12700 for a family, are the maximum out of pocket expenses the consumer can be charge. For 2015, this increases to $6600 for an individual and $13200 for a family.

Associated Agencies is preparing for the 2015 annual open enrollment period. The open enrollment occurs between November 15th, 2014 and February 15th, 2015. During this period any change to a current policy can be made as well as signing up for a new policy.

If you have any questions, please contact Associated Agencies at (847) 427-3443.