T
he Affordable Care Act (ACA — otherwise known as “Obamacare”) has been front-and-center in the news this month, first for its role in the recent record-long, 16-day shutdown of the US government, and now for the technical glitches that have plagued the online federal health insurance exchange since it opened on October 1.
This week the Obama administration announced a 6-week extension of the deadline for signing up for health coverage.
What exactly does this mean?
The extended deadline means that consumers will not be taxed for not having coverage, as long as they sign up by March 31, 2014. Originally, that date was February 15, 2014.
We should point out — the requirement for most Americans to have health insurance by January 1, 2014 (known as the individual mandate) has not been delayed.
What the extension does do is allow anyone who purchases coverage during the entire open enrollment period (October 1, 2013 through March 31, 2014) to not face a penalty tax for the time after January 1 that they may have spent uncovered.
Really not much of a change!
Thank you for your patience as we continue to experience a large volume of calls and emails!
I was insured by my job but lost it in February of this year (2014). Will I still be penalized if I don’t sign up for Obama Care by the deadline?
Hi Regina.
Per healthcare.gov here are the list of possible exemptions from the income penalty. https://www.healthcare.gov/exemptions/
Exemptions from the payment
Under certain circumstances, you won’t have to make the individual responsibility payment. This is called an “exemption.”
You may qualify for an exemption if:
•You’re uninsured for less than 3 months of the year
•The lowest-priced coverage available to you would cost more than 8% of your household income
•You don’t have to file a tax return because your income is too low (Learn about the filing limit.)
•You’re a member of a federally recognized tribe or eligible for services through an Indian Health Services provider
•You’re a member of a recognized health care sharing ministry
•You’re a member of a recognized religious sect with religious objections to insurance, including Social Security and Medicare
•You’re incarcerated, and not awaiting the disposition of charges against you
•You’re not lawfully present in the U.S.