Insurance Shopping: 3 Ways to Get The Best Obamacare Deals

If you haven't signed up for health insurance this year, you need to get moving because Obamacare enrollment ends on Sunday. An estimated six million Americans are expecting tax penalties for going uninsured in 2014 so here's what to do to avoid the last minute rush and panic buying this year. 40 percent of Americans buy too much coverage. So make sure you get quotes and compare plans. There may be better options available for you this year depending on changes in your family size or income level. If you have a favorite doctor, factor them into your search. Getting medical care outside of your provider network can be costly. Confirm your doctor's network status with your licensed agent or the insurance company. Subsidies lower the cost of your monthly premiums so be strategic when you're searching for a plan. If you qualify for a subsidy the average recipient can reduce their monthly payment cost by about $200. The Obamacare subsidy calculator tool can help you find your full range of options. The tax penalty for being uninsured is going up every year. In 2014 not being insured meant a $95 fine or 1% of Your Annual Income. For 2015 it will cost you $325 per Adult, $162.50 per Child or 2% of your Household Income. Buying your health insurance can be a boring piece of admin but keep in mind that unpaid medical bills are the leading cause of bankruptcy in the U.S. So make sure you hit that February 15th deadline.