Posts Tagged ‘open enrollment’

Don’t Forget Your Health Coverage

Wednesday, January 27th, 2016

2016 individual mandate penaltiesIt’s getting expensive to not have health insurance and I’m pretty sure there are a lot of people out there who are not prepared to pay the  $700 flat fee for 2016 (or 2.5 percent of your income if greater). The break even is $28,000 income for single, so a great majority of people will likely pay the higher fee based on percentage of income.

If you don’t have insurance, or if you know somebody who has neglected to purchase insurance, time’s running out. The deadline to enroll on healthcare.gov is Jan. 31.

Just look at how much penalties have increased over the years!

2014, 2015 and 2016 Annual Payment Amounts

Year 2014 Year 2015 Year 2016
Percentage amount

1% of income
above filing threshold*

2% of income
above filing threshold*
2.5% of income
above filing threshold*

Flat dollar amount**

$95 per adult
$47.50 per child
$325 per adult
$162.50 per child

$695 per adult
$347.50 per child

Employees: Do you know how the new IRS Form 1095-C filing requirements impact you? Click here to find out.

By Joseph Popp, JD, LLM (Dublin office)

Want to learn more about your healthcare options? Check out these articles:

The Cost Of Reimbursing Employees For Health Care
Obamacare Is Here … Now What?
Know Your Health Insurance Options

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Obamacare: Some Taxpayers Get Second Chance To Purchase Health Insurance

Thursday, March 12th, 2015
Special Obamacare Open Enrollment Period

The Centers for Medicare & Medicaid Services (CMS) have taken steps to create a special enrollment period to allow individuals and families to secure 2015 health insurance coverage through the federal marketplace. – Rea & Associates – Ohio CPA Firm

Did you get hit with the “shared responsibility payment” for not carrying health insurance on yourself or your family members in 2014? If so, you’re not alone.

Read: Are You Prepared To Pay? Obamacare’s Shared Responsibility Provision

Americans who were unaware of (or who simply didn’t understand) the fees they would be subjected to as a result of not carrying health insurance coverage may have been equally surprised to learn that the open enrollment period to obtain coverage for 2015 closed last month – meaning that even if they wanted to avoid the fees next year, they were out of luck. Fortunately, the Centers for Medicare & Medicaid Services (CMS) realized this dilemma and took steps to create a special enrollment period to allow individuals and families in this bind to secure 2015 health insurance coverage through the federal marketplace. This will be a big help to those who may have found out that they were eligible for premium subsidies to help pay for insurance – a little too late. The new open enrollment period is March 15, 2015, through April 30, 2015, and is only available for individuals and/or families that:

  • Are not currently enrolled in federally-facilitated coverage for 2015,
  • Had to pay an individual mandate on Form 1040 of their 2014 tax return, and
  • Live in a state with a federally-facilitated exchange (Ohio residents qualify. Those who do not live in Ohio may click here for a full list of other qualified states).

According to CMS, eligible enrollees also must “attest that they first became aware of, or understood the implications of, the Shared Responsibility Payment after the end of open enrollment in connection with preparing their 2014 taxes.” “We recognize that this is the first tax filing season where consumers may have to pay a fee or claim an exemption for not having health insurance coverage,” sad CMS Administrator Marilyn Tavenner in a press release. “Our priority is to make sure consumers understand the new requirement to enroll in health coverage and to provide those who were not aware or did not understand the requirement with an opportunity to enroll in affordable coverage this year.” Note that even if you don’t qualify for this open enrollment, there are a number of qualifying events that let you sign up for coverage on the exchange any time of year. If you want to know whether you qualify for subsidies to help shoulder the burden of health insurance, click here. Or you can email Rea & Associates for any Affordable Care Act questions.

By Joseph Popp, JD, LLM (Dublin office)  

 

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