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New Special Enrollment Period for Individuals Paying 2014 Health Insurance Tax Penalties
Get Penalized on Your 2014 Taxes for Not Having Health Insurance? You Have Until April 30, 2015 to Enroll!
By: WNC Health Insurance
The Affordable Care Act establishes an insurance mandate that requires all individuals to maintain health insurance coverage, with limited exceptions. Those who fail to maintain coverage for years 2014 and beyond will be assessed a penalty when filing their tax returns for any year they remain uninsured.
For 2014, the penalty for failing to maintain health insurance coverage was $95, or 1% of your income, whichever is greater. The fee for remaining uninsured in 2015 increases to $325, or 2% of your income, whichever is greater.
If you were not aware of the penalty for not maintaining insurance, were assessed a penalty when filing your taxes, and are still uninsured, then you may be eligible to enroll in a health insurance plan from March 16th through April 30th to prevent being fined another penalty next year (when filing your 2015 tax returns).
"We recognize that this is the first tax filing season where consumers may have to pay a fee or claim an exemption for not having health insurance coverage," said CMS Administrator Marilyn Tavenner. “Our priority is to make sure consumers understand the new requirement to enroll in health coverage and to provide those who were not aware or did not understand the requirement with an opportunity to enroll in affordable coverage this year.”
To be eligible for the limited, extended special enrollment period to obtain health insurance in 2015, you must:
1) Live in a state with a Federally-facilitated Marketplace,
2) Currently not be enrolled in health insurance coverage through the Marketplace for 2015,
3) Attest that you first became aware of the penalty for remaining uninsured after open enrollment closed on February 15, 2015, when filing your 2014 taxes.
The special enrollment period began at 11:59pm on March 15, 2015 and will close at 11:59pm on April 30, 2015.
If you live in North Carolina, meet requirements 2 and 3 above, and would like free assistance enrolling in a health insurance plan (and applying for subsidies), call WNC Health Insurance at: 828-348-2583 or 855-395-5552.
Or you may visit us online at: http://www.WNCHealthInsurance.com