The Health Insurance Marketplace open enrollment closed on February 15th, but on February 20th the Centers for Medicare & Medicaid Services (CMS) announced a new short-term special enrollment period, from March 15 to April 30, giving people in 37 states more time to sign up for 2015 health insurance coverage through Healthcare.gov.
This is good news for those who now may have more time to sign up for a Marketplace plan and can avoid paying a tax penalty for not having insurance coverage in 2015.
You may be eligible for the extension if you:
- Live in states that use healthcare.gov
- Are not currently enrolled in health insurance coverage Marketplace for 2015
- Attest that when you filed your taxes you paid a fee for not having 2014 health insurance coverage
- Attest that you first became aware of or understood implications of paying a tax penalty for not having 2014 health insurance after the end of open enrollment.
Many states that run their own exchanges have announced plans to extend their enrollment periods through tax season as well. If you are uninsured, you can check your local exchange for the latest updates on any special enrollment period in your state. You can also take a look at our interactive map below and click on your state to see if the state exchange is holding a special enrollment period and specific eligibility requirements.
The Affordable Care Act requires that most Americans have health insurance coverage or face a tax penalty. When filing federal income tax returns, Americans will have to indicate if they had coverage throughout the year. The penalty for non-coverage in 2014 is $95 per person or 1% of household income, whichever is greater and will increase to $325 per person or 2% of household income in 2015. Read more about the costs of going without health insurance here.
Reporting your health insurance status on taxes – and checking if you qualify for an exemption from a penalty – is easy with TurboTax. ACA forms are included in TurboTax products at no additional cost. You can get answers about how the Affordable Care Act may impact you and your taxes at TurboTax Health.