Obamacare Tax Season Special Enrollment Period Ending Soon

As people file their taxes, some are finding that they owe a penalty for not having health insurance in 2014. The Affordable Care Act, also known as Obamacare, requires that individuals have health insurance or pay a penalty, known as the shared responsibility payment, when they file their taxes.

The penalty for 2014 is $95 per adult or 1% of their income, whichever is greater. The penalty increases to $325 per adult or 2% of their income for 2015.

If you did not have coverage in 2014, owe the penalty and have not yet enrolled in coverage for 2015, there is a Tax Season Special Enrollment Period. Beginning on March 15 and ending on April 30, you will have one last opportunity to purchase health insurance for 2015 and avoid additional tax penalties when you file your 2015 taxes.

During the special enrollment period, you can enroll in a health plan through the marketplace or directly with the health insurance company. This is a limited-time opportunity for people who were not aware that they would have a penalty and are still uninsured.

The next enrollment period begins on November 1, 2015 for coverage that will begin on January 1, 2016.