If you have not heard, there is a penalty fee for not carrying health insurance coverage. If you did not know, the open enrollment period—during which time you could sign up for coverage—ended on February 20th (extended from February 15th). If all of this is news to you, do not be alarmed. Covered California is offering a grace period.
Fortunately, you can now take advantage of a special enrollment period during which you can get covered to avoid penalty fees. Covered California’s executive director Peter Lee said that this special enrollment period would run until April 30th. This period has been offered to protect the 600,000 Californians who could face tax penalties since they have not obtained coverage.
When you sign up for your policy, simply indicate on your application that you were not aware of the tax penalties that you would face if you went without coverage.
So you will no longer be in the dark, the 2014 tax penalties for not carrying coverage were $95 or 1 percent of your household income, whichever was greater. For 2015, those penalties will be higher, coming in at $325 or 2 percent of your household income (whichever is more). Do not leave yourself exposed to this significant expense by going without coverage; sign up for the policy you need to protect your health and your wallet today!
If you do not yet have the health insurance you need to avoid the tax penalty fees, act today to take advantage of this unique extension. Do not wait until the last days of the special enrollment period to get covered; contact Sackett & Associates Insurance Services today. We serve Sonoma County and are here to help you get the policy you need to comply with the Affordable Care Act’s regulation.