January 31 will officially mark the end of the health insurance open enrollment season. Individuals that have enrolled in coverage between Jan. 16 through Jan. 31 will begin receiving benefits starting on March 1.
For those who have failed to sign up for coverage, whether through their employer or the federal marketplace, they will be subject to a fine when their 2016 taxes are filed next year. The penalty, which has gone up to $695 per adult and $347.50 per child or 2.5% of the household income, has increased in value in an effort to motivate Americans to apply for coverage. Unlike last year, there will not be a special enrollment period to help those who are uninsured enroll to avoid the fee.