Open enrollment for 2014 coverage under the Affordable Care Act ends on March 31. If you don’t enroll in the program by then, you won’t be eligible for 2014 coverage and will have to wait until Novemeber 15, 2014 to sign up for 2015 coverage.
Some people may be able to extend the deadline for qualifying life events. But, for the majority of Americans, you absolutely must sign up by March 31.
If you don’t sign up at HealthCare.gov, don’t have heath insurance offered to you by an employer, or don’t have coverage under Medicare, Medicaid, CHIP, COBRA, etc., then you will have to pay a penalty. This fee is calculated by which of these is higher: 1 percent of your yearly household income; or $95 per person per year, maximum fine being $285.
Keep in mind that the penalty will increase every year. In 2015, it will be 2 percent of income or $325 per person and will continue to rise each year.
But, if you enroll by March 31 you won’t have to pay a fine or make the payment for any month before your coverage began. For example, if you register on March 31, your coverage will begin May 1 and you won’ t have to pay a fine for the months you weren’t covered in 2014.
Want to know more about ACA and how you will be affected? This article should help.
Not sure exactly how to sign up? We’ve got you covered.
Whether you agree with it or not, ACA has been signed into law. So, make sure you carefully weigh your options before March 31!