Deadlines Near for Health Care Insurance Enrollment

With the implemented Obamacare medical insurance requirement, many have concerns about their 2015 medical coverage.

For those who do not carry health coverage, they must pay a fee, unless otherwise exempt. Some things to help qualify you for an exemption from the fee are: being uninsured for less than three months of the year; if the lowest-priced coverage available would cost more than 8 percent of your annual household income; if you’re not filing a tax return because your income was too low; being a member of a federally recognized tribe or are eligible for services through an Indian Health Services provider; if you’re a member of a recognized health-care sharing ministry; being a member of certain religious sects, with religious objections to Social Security and Medicare; you’re incarcerated; or qualifying for a hardship exemption.

Most people within the United States will have health coverage or pay a fee. The fee for not having health insurance, for those who can afford it but choose not to buy it, can be calculated two ways. For not having coverage in 2014, there are two options, and you must pay the higher of the two. The fee is either 1 percent of your annual household income, or $95 per person, $47.50 per child under 18. Fees are paid on the federal income tax returns for 2014.

For not having insurance in 2015, the fee will increase to 2 percent of your annual household income or $325 per person, $162.50 for children under 18.

One major component to remember is that if you bought a health insurance plan through the Marketplace in 2014, you must renew your current plan or enroll in a different plan for 2015. According to the website, www.healthcare.gov, notices were sent out at the end of November from the Marketplace and your insurance company. Those notices provide the information you need to make a decision on your 2015 health coverage. Plans and prices might have changed from 2014 policies. The website encourages you to log onto your Marketplace account to see the different plans and prices available.

Sometimes, you might be able to automatically enroll. However, if your current policy or plan isn’t going to be available for 2015, you must log into your Marketplace account to enroll for 2015 coverage.

Dec. 15 is the last day to enroll in a new plan, or to change plans, for coverage to take effect Jan. 1, 2015. On Dec. 31, all 2014 Marketplace coverage ends, no matter what.

Jan. 1 is the first date the 2015 coverage plan can take effect. Feb. 15 is the last day to sign up for 2015 coverage. If you miss this deadline, you can’t enroll for coverage for 2015, unless qualified for a special enrollment period.