If you already have minimum essential health coverage through your employer, Medicaid, and Medicare, you are already covered under the Affordable Care Act.
If you are uninsured and you’re eligible to purchase health insurance in the Health Insurance Marketplace or you are changing your current plan in order to comply with the Affordable Care Act, now is the time to take action.
The open enrollment period for 2015 plans sold in the Marketplace runs from Nov. 15, 2014 to Feb. 15, 2015, with coverage effective as early as Jan. 1, 2015.
Open enrollment refers to the time of year – typically the fall – when people can sign up for individual and family health insurance.
If you miss this window of opportunity, you typically need to wait until next year’s open enrollment period to buy coverage unless you qualify for a special enrollment period. If you don’t have insurance, you may also incur a tax penalty for being uninsured as required by the federal health law unless you are eligible for an exemption from purchasing health insurance.
Here’s how to get health insurance and avoid a tax penalty for the 2015 tax year (2015 taxes filed in 2016):
If you don’t have insurance or have a 2014 Marketplace plan, you can purchase health insurance or renew your current health plan or choose a new plan during open enrollment. Depending on your income, you may qualify for discounted coverage through subsidies available in the Marketplace.
If you have job-based coverage, you are already covered under the law. You can still check out other options in the Marketplace, but people with employer-based coverage cannot get a subsidy to help pay for insurance if they shop in the Marketplace unless the cost of their plan exceeds 9.5 percent of household income.
You may qualify to shop outside of the traditional open enrollment period during a “special enrollment period” if you experience a qualifying life event, such as marriage, birth or adoption of a child, or lose your health coverage.
If you have more questions, TurboTax has you covered. Get answers about the Marketplace open enrollment period and how the Affordable Care Act impacts you and your taxes at TurboTax Health.