If you went without health insurance during 2014, you’re now facing a modest financial penalty of $95 or 1% of your income. Next year, that penalty will increase. All of this is news to some uninsured people. That’s why, as predicted, the federal government and some state exchanges are creating an extra open enrollment period to help these people out.
The extra period is for people who who haven’t been paying close attention to the latest and hottest Affordable Care Act information. The penalty has been an unpleasant surprise for them as they file their 2014 tax returns. In case they would prefer to just get some health insurance instead already, the open enrollment period is opening back up just for them.
The open enrollment season and tax season don’t line up very well: without a qualifying life event like switching jobs or a divorce, new insurance enrollments end on February 15. That’s when most people are just getting their documents together to file their tax returns.
The extended enrollment period will run from March 15 to April 30, with new insurance plans beginning on the first of the month following signup. Those dates are for states that use the Healthcare.gov exchanges.
Feds Grant Obamacare Tax Extension [NBC]
by Laura Northrup via Consumerist
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