Open enrollment for 2015 is over. But if you filed your taxes after Feb. 15th and were penalized for not having health coverage, you may qualify for a Special Enrollment Period.
In 2015, the fee for not having health coverage increases to $325 per person or 2% of your household income – whichever is higher. This fee generally applies if you can afford to have health coverage but choose to remain uninsured – although you may not have to pay the fee if you qualify for an exemption. If you don’t have coverage for the remainder of 2015, you’ll risk having to pay the fee again next year for the portion of the year you went without coverage.
The good news is that the Health Insurance Marketplace is providing individuals and families who are subject to the fee when they file their 2014 taxes with one last chance to get covered for 2015. In order to take advantage of the Special Enrollment Period, you must meet all of the following requirements:
- You didn’t know that the health care law required you and your household to have health coverage until after February 15, 2015, or you didn’t understand how that requirement would affect you or your family.
- You owe the fee for not having coverage for one or more months in 2014.
- You aren’t already enrolled in 2015 health coverage through the Health Insurance Marketplace or outside the Marketplace.
If all of these apply to you, you’re eligible for a Special Enrollment Period that allows you to enroll in a 2015 plan. You also may be able to get lower costs on monthly premiums. Eight out of 10 people can find coverage for $100 or less a month with tax credit through the Marketplace.
The Special Enrollment opportunity runs from March 15 through April 30, 2015.
Get started with a HealthTN agent today at (615) 541-4257 or begin your SEP enrollment now!
- If you owe a fee for not having coverage in 2014 but are already enrolled in a 2015 Marketplace plan, you can’t use this Special Enrollment Period to switch plans.
- Even if you get coverage through this Special Enrollment Period (SEP), you still have to pay the 2014 fee.
- You don’t need to have filed you 2014 taxes before enrolling with this SEP – you just have to owe the fee.
- If any person in the household meets the criteria for the SEP, everyone in the household can enroll in coverage with it.