26 Mar 2014

Five more days… This is your last chance to buy or change coverage for 2014.

26 Mar 2014

Hopefully, the headline makes it clear: after Monday, March 31, individuals will not be able to enroll in new coverage, or change plans until January 1, 2015.

If you are uninsured, this is the last chance to avoid the tax penalty for failing to enroll in minimum essential coverage.  That penalty is the greater of $95 or 1% of adjusted gross income and will be assessed when you file your 2014 tax return.

Get insured now by applying directly to a carrier, or going through Covered California if you may qualify for a tax credit.  Not sure what plan to choose?  Please call or email us as soon as possible to schedule a phone appointment.

Are there exceptions?  Always.  But they are not easy to come by, and require a qualifying event in order to enroll between April 1 and December 1.  The most common will be:

  • Loss of employer-based coverage
  • Life events, e.g, marriage, divorce, birth, adoption
  • Moving to a different state or out of area for your current plan
  • Experiencing a significant change in income

We will add one more, just announced today, applicable to Covered CA applications only.

There are also exceptions to the tax penalty itself. While we do not recommend any individual put themselves at financial risk by going uninsured, we do understand the cost can still be prohibitive for those who do not qualify for tax credits via Covered CA. Please view this document to see if you qualify for a hardship exemption.

 

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