Despite many warnings about the February 15, 2015, health insurance deadline, you might have gotten another break.
Did you know that you could owe money when you file your tax return if you don't have health insurance?
Apparently, many didn't.
The Centers for Medicare & Medicaid Services (CMS) announced another special enrollment period from March 15 to April 30.
CMS stated that the extra time will allow individuals, who didn’t understand the implications of the individual mandate, to enroll in 2015 health insurance coverage and avoid the penalty.
To be eligible, you must live in a state with a federally facilitated Marketplace (such as Kansas and Missouri).
You must also:
Not already be enrolled in coverage through the FFM for 2015,
Attest that when you filed their 2014 tax return, you paid the fee for not having health insurance; and
Attest that you first became aware of, or understood the implications of, the Shared Responsibility Payment after the end of open enrollment (February 15, 2015) in connection with preparing your 2014 tax return.
In short, many got a surprise when they went to file their tax return. Many individuals claimed they had no idea they'd face a fine for not having health insurance.
And since that fine is set to increase substantially for 2015, the government is taking extra precautions to ensure you have a chance to buy coverage.
In other news, CMS also announced that approximately 800,000 consumers received incorrect Form 1095-As. The forms were mailed in February to those who enrolled in Marketplace coverage and are needed to complete and file tax returns for 2014. CMS will send corrected forms soon.
The rollout of the Affordable Care Act has been a bitter pill for some to swallow. This latest extension should be good news for those who have been caught off guard.
If you'd like help finding your best health insurance options, give us a call: 913.333.3389 or toll-free, 1.855.750.9441.