Watch CBS News

Open Enrollment Ends Today For Health Insurance Via Federal Marketplace

PHILADELPHIA (CBS) -- The deadline is today to get health insurance through the Affordable Care Act's open enrollment period. And those who remain uninsured will be coughing up a lot more cash than last year.

President Obama emphasizes the "Affordable" part of the Affordable Care Act, saying Americans can pay less for health insurance than they do for their cell phone bill.

And not having coverage costs much more than a typical cell phone bill and is a bigger blow than in 2015.

The penalty for being uninsured is a minimum $695 per person or 2.5% of household income, whichever is greater. That's up from last year when it was $325 per person or 2% of household income.

"It's meant to be enough to bite," said Drexel Professor of Health Law and Policy Robert Field. "Enough so that you'll think twice before you go without coverage."

The most a family could pay this year is $2,100 compared to last year's maximum when it was just short of a $1,000.

The fee comes into play when filing a tax return next year. Field says getting covered may be the better move financially.

"If you get a cheap policy, at least you've got some coverage, some protection against financial disaster if you get sick," he says. "Otherwise, you're just paying money for nothing."

However, there are exemptions. Anyone who can't afford insurance or has a coverage gap of less than three straight months will not be penalized.

And even though the deadline is here, it doesn't mean the federal exchange will be closing. A special enrollment period is granted to those who experience life changes throughout the year; like getting married, having a baby or losing current coverage.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.