Procrastination Awarded: One Month Left To Add Health Insurance!
In a world where you are told that procrastination is terrible and there are bad life consequences for missing deadlines, CMS, our government health administrator, has decreed that folks that waited past the deadline to purchase health insurance for 2015 will get one more shot at signing up!
According to CMS, applicants can apply for coverage for a new policy beginning in 2015 in March or April if they discover during their tax filing that they are stunned to find they owe a tax penalty resulting from their ability to obtain qualified health insurance coverage in 2014. The Special Election Period created by CMS gives these shocked tax filers one last time in 2015 to come into compliance and buy health insurance. In order to qualify for this special opportunity, applicants must claim that they didn't know about the tax penalty provisions of the ACA and also are responsible for paying a penalty for the 2014 year.
Avoid the Penalty, Buy a Health Plan
Applicants can be On the Exchange or Off the Exchange (receive subsidies from the government or don't). Remember, penalties for not having health insurance in 2014 where pretty small totaling about 1% of a household's income. In 2015 though, these penalties double! We were working with a client yesterday that makes a lot of money. They were angry about their tax penalty and continued to state that they were not going to pay high prices for health insurance to cover their family. All of that would be fine.... except these guys make $500,000 a year! In 2015, this family will pay close to $10,000 in penalties for not buying health insurance! I'm not sure about you, but big tax penalties like this have a way of making me change my behavior. I obviously suggest that they avoid the waste of a big penalty and buy a high deductible health plan. Give us a call at 713-422-2935 and let's talk about your situation.
Contact Us today and we'll help you make sure you don't pay a huge penalty and take on the risk of not having health insurance.
I look forward to helping you find great coverage at affordable prices!
Jason W Bohmann
Texas Health Design