Most Americans must have health insurance. It’s the law.
But as the 2014 tax filing season gets underway, you may be caught off guard by an extra tax of $95 or more due with your 2014 tax return.
That’s because if you went for three consecutive months or more during 2014 without health insurance, you will be hit with a penalty tax (unless you are exempt).
Here is the amount of the penalty, which will increase for 2015 and 2016:
|$95 per adult
$47.50 per child
Family Maximum of $285 OR 1% household income, whichever is GREATER
|$325 per adult
$162.50 per child
Family Maximum of $975 OR 2% household income, whichever is GREATER
|$695 per adult
$347.50 per child
Family Maximum of $2,085 OR 2.5% of household income, whichever is GREATER
If you were penalized for not having coverage in 2014, and still have not purchased coverage for 2015, the government is giving you a second chance to buy 2015 coverage and avoid another — even higher — penalty.
Virginia residents can visit www.enrollvirginianow.com to enroll in less than 15 minutes!
Second Chance to Enroll — Special Enrollment Period March 15 – April 30, 2015
Although open enrollment for 2015 ended on February 15, 2015, you can enroll in coverage between March 15 and April 30, 2015 if all of the following are true:
- You live in a state (including Virginia) that uses the federal marketplace (healthcare.gov); and
- You are NOT enrolled in health insurance for 2015; and
- You attest that when you filed your 2014 tax return you paid the fee for not being covered in 2014; and
- You attest that you first learned about or understood the implications of the penalty tax after open enrollment ended on February 15, 2015, as a result of preparing your 2014 tax return.
In other words, you must state that you did not understand the law enough to realize you’d be penalized for not being covered in 2014, AND that you only found out by virtue of completing your 2014 tax return, by which time it was too late to buy coverage for 2015 during regular open enrollment, which ended on February 15, 2015.
By taking advantage of the special enrollment period, you can get 2015 coverage, effective on the following dates:
- Enroll between March 15 – April 14 — Coverage effective May 1
- Enroll between April 15 – April 30 — Coverage effective June 1
Virginia Medical Plans Can Help
If this situation applies to you, visit www.enrollvirginianow.com to see available plans.
If you need help understanding your options and selecting the best plan for you, give us a call at 703-707-8270.
Being covered in 2015 will save you from some of the penalty. AND our services are completely free! You pay no more for your coverage when you purchase it through us, but you get the benefit of our guidance and help.
We are happy to help. Call our office at 703-707-8270.