The tax filing season is finally over! Were you blindsided this year with a 2014 health insurance tax penalty? Are you still in danger of paying double the fees for 2015 because you did not enroll for health insurance? If you haven’t heard, you may be one of the millions eligible for an enrollment extension. But don’t delay. The last day to sign up is April 30th!

You’re Not Alone

Don’t worry. There are many eligible Americans that have yet to enroll for health insurance. In 2014, more than 15 million previously uninsured individuals gained coverage under the Affordable Care Act. That’s a huge figure, bringing the number of uninsured adults in the U.S. from 18% to 13.4%1. By January 2015, the uninsured rate was down to about 12.9%2! This means that millions of Americans may still need to enroll for health insurance before the enrollment extension is over!

The Extension

Time is limited and penalties double in 2015. Unlike this year’s penalty, for 2015 tax filing you’re looking at a penalty of 2% of your household income or $325 per person, whichever is more. And it’s only increasing in the years to come. So, we’ve compiled some of the basic qualifications for this enrollment extension.

  • You live in any state except for, Colorado, Connecticut, Hawaii, Massachusetts, or Vermont.
  • You have not enrolled in health insurance for 2015
  • You paid the 2014 tax penalty when filing your income tax return
  • You did not know you would owe a tax penalty while preparing your taxes

How to avoid 2015 tax penalties

  • Go online, call, or visit with an agent to see if you are eligible for an extension.
  • Find your ideal plan
  • Enroll in health insurance before April 30th

If this sounds familiar, you only have until April 30th to see if you qualify for the enrollment extension. That‘s a measly 15 days to enroll for health insurance! Fortunately, you may still have a chance to qualify for a subsidy!

Does 15 days seem a little too close for comfort? Want some help working through the insurance marketplace? Then contact a licensed agent through HealthMarkets! Our agents can help you enroll in health insurance, finding the most cost effective policy for you and your family. Call us 24/7 at (800) 304-3414 or meet with one of our 3,000 local health insurance agents.

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References

1 http://obamacarefacts.com/sign-ups/obamacare-enrollment-numbers/ | 2 http://www.gallup.com/poll/180425/uninsured-rate-sinks.aspx

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