Hit with a Penalty for 2014? Then the Extra Enrollment Period is for YOU!
On February 20, 2015, The Washington Post and countless other news outlets reported that Americans hit with the new federal tax penalty for not having health insurance coverage will have more time to purchase a health plan for this year.
The Obama administration announced that up to six million Americans are expected to face the Affordable Care Act penalty for not having health insurance in 2014. Those living in 37 states relying on the HealthCare.gov enrollment portal who would have to pay the 2014 and 2015 penalty will now be able to purchase coverage between March 15 and April 30, 2015.
The reason? Politics of course. The reality is that millions facing the individual mandate penalty for the first time as they file their tax returns are likely to start screaming, and the politicians want to have a solution to offer those who claim confusion or ignorance when it came to the deadline and consequences for not getting health insurance.
As a result, Health and Human Services created an “extra” enrollment period for those facing the individual mandate penalties for the first time. While it won’t change the the penalty for not having coverage in 2014, it will enable these taxpayers to avoid paying it again next tax season.
And just a reminder: The penalty for being uninsured in 2014 starts at one percent of annual household income. The minimum penalty in 2015 doubles, or two percent of annual income.
To qualify for this “extra enrollment period,” you must attest that you haven’t purchased 2015 coverage and that you paid the fee for not having health insurance in 2014. You must also attest that you only became aware of the individual mandate penalty after the regular 2015 enrollment window closed.
The easiest step to take is to let a MyHealthQuoter.com broker do all the work for you, and at no extra cost to you. So if you are getting surprised or penalized as you file your tax returns this year, the time is fast approaching so you can avoid it again for 2015. That window opens on March 15, and closes on April 30.
Contact a MyHealthQuoter.com representative today…and make use of your last chance to get covered and avoid a costly penalty on your 2015 tax return. There is no extra cost to you for this service.
Matthew Byrne has made a career helping people find affordable health insurance in Ohio. He is the founder of MyHealthQuoter.com, a Dublin-based brokerage providing Ohio health insurance quotes and services for individuals, families and corporations. Mr. Byrne is a subject matter expert speaking frequently about Health Care Reform, Defined Contribution Programs, COBRA, and Medicare. He can be reached at (614) 336-3636, and online at www.MyHealthQuoter.com.
Need a Health Reform Speaker? Find Matt on COPEC! http://copeceducation.org/speaker/Matthew.Byrne