Health Insurance (ACA) Penalty for 2015 is $325 - Sign-UP!

[N'Zinga Shani]

The Sign-Up dates for 2015 ACA coverage are Nov. 15, 2014 through Feb. 15, 2015.

The Penalty for not having health insurance coverage in 2015 will be $325!

The Cost Penalty for not having health insurance coverage in 2014 was $95, or one percent of your taxable household income, whichever is greater.  In 2016 the penalty goes to $695.

See Open-enrollment information here: https://www.healthcare.gov/glossary/open-enrollment-period/

The Requirement to Buy Coverage Under the Affordable Care Act:  Along with changes to the health insurance system that guarantee access to coverage to everyone regardless of pre-existing health conditions, the Affordable Care Act includes a requirement that many people be insured or pay a penalty. This simple flowchart illustrates how that requirement (sometimes known as an “individual mandate”) works.  Excellent flowchart with simply explanation shown: http://kff.org/infographic/the-requirement-to-buy-coverage-under-th...

How You Pay the Penalty Fee

You’ll pay the fee on the federal income tax return you file for the year you don’t have coverage. Most people will file their 2014 returns in early 2015 and their 2015 returns in early 2016.

https://www.healthcare.gov/fees-exemptions/fee-for-not-being-covered/

Young People and the Self-Employed NEED to Sign Up for Health Insurance Coverage

Young people who are not on their parents’ health plan, and do not have health insurance through an employer, should sign up for health insurance coverage. The reason why health care cost is so high for those who are insured is largely because those who are insured are paying for the health care services of the uninsured. The cost of health care delivery keeps escalating because the system is over-burdened by the uninsured.  This is why there needs to be an enforceable penalty for not signing up.  Get more information:

http://youtu.be/M_eK_jGyHsE Step-Right-Up - Get Health Insurance Coverage for 2015!

Get more 2015 information from Access Health CT at the link below. Also, the Marketplace for 2015 has expanded with more providers.  Be sure to ask all the questions you have before making a final decision in choosing a provider; this is a critical point to remember.

https://www.accesshealthct.com/AHCT/LandingPageCTHIX  - Call 1- 855-805-4325.

Exemptions from the fee for not having health coverage

 You may qualify for an exemption from the penalty for a number of reasons.  For these reasons you may also qualify for subsidized premiums. Find all the exemptions at the link below; a few of those reasons are:

•  You’re uninsured for less than 3 months of the year
•  The lowest-priced coverage available to you would cost more than 8% of your household income
•  You don’t have to file a tax return because your income is too low (Learn about the filing limit (PDF)
•  You’re a member of a federally recognized tribe or eligible for services through an Indian Health Services provider;
•  You qualify for a hardship exemption
• https://www.healthcare.gov/fees-exemptions/exemptions-from-the-fee/

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