As individuals prepare their taxes for the 2014 year, many who did not purchase or enroll in a qualified health plan may be facing the penalty fee. According to the HealthCare.gov website, if you did not have health insurance coverage in 2014, you will be responsible for the higher of these two amounts:
• 1% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.)
• $95 per person for the year ($47.50 per child under 18). The maximum penalty per family using this method is $285.
On February 15th the Marketplace closed for enrollment in 2015 plans, leaving those who did not enroll to face a penalty again when filing taxes next year. The Health Insurance Marketplace is providing individuals and families who owe the fee when they file their 2014 taxes with one last chance to get covered for 2015 to avoid a future penalty for the 2015 tax year.
While the fee for the 2014 year cannot be avoided, this special enrollment period offers individuals another chance to possibly avoid a future fee.
For those interested in enrolling, visit The Health Insurance Marketplace website at https://www.healthcare.gov/screener/. This special enrollment period is only available through April 30th.