Tax time is one of the most stressful times of the year for most people. This year due to changes in healthcare reform, The Affordable Care Act (ACA) there are a lot of changes that can be hard to understand. If you are unaware of the changes and mandates that came into effect as of January 1, 2014, we can help you understand what you need to do and how you can avoid any penalties.
There is a special enrollment period between March 15 and April 30, 2015, to enroll for 2015 health coverage if you owe the tax penalty for not being insured in 2014.
When you file your tax return you have to check a box to indicate whether or not you and your family had health insurance for all of 2014. The types of plans that will meet the minimum requirement are as follows:
- Most job-based plans, including retiree plans and COBRA coverage
- The Children’s Health Insurance Program (CHIP)
- Medicare Part A or Part C
- VA or TRICARE
- Most individual health plans you bought outside the Marketplace, including “grandfathered plans”.
Keep in mind, not all plans that are sold outside of the Marketing place qualify as minimum essential coverage. If your plan does not meet the requirements you are risking being subjected to penalties.
If you are concerned about the possibility of a penalty or know you are at risk you can file for a Marketplace exemption. There is more information about that for you here.
You can find complete details from the IRS on their website.