Next Up: March 31st Deadline! Avoid Obamacare Tax/Penalty
Over the past couple of weeks there has been great fixation on the December deadlines leading up to a January 1st enrollment for health insurance. But here at J. Burt & Associates we want you to be sure you are ready for next most important deadline, March 31st!
So assuming nothing changes between now and then (and that is a big if, but more on that later) people who still don’t have health insurance are going to pay the Obamacare Tax/Penalty. For 2014 ladies and gentlemen that tax/penalty is 1% of your income or $95, whichever number is GREATER! And when the calendar turns on January 1st 2015 the Tax/Penalty fee climbs to $325 or 2% of your income, which ever is GREATER!
If for some reason you have not yet obtained qualified individual health insurance, you have until March 31st to sign up and avoid the 2014 Tax/Penalty.
Now dear reader I fully understand if you are skeptical about the use of the word deadline as it is used in relationship to Obamacare. After all in just the past 30 days we have seen
1. The December 15th Deadline become the December 23rd Deadline and 2. The December 23rd become the December 24th Enrollment Deadline. You and I have seen the January 1st premium payment deadline become the January 10th deadline. And for some companies the January 10th premium payment deadline has become the January 31st deadline. And then there was the ‘keeping your policy debacle.’ If you are trying to run a large state or national business integrated with the Federal government, these moving parts are breathtaking.
So if we could make a wager in Vegas, would you put money down that says March 31st will be extended in some fashion? I would not, and here’s why:
Just because the public gets moving deadlines doesn’t mean the health insurance companies do. The Carriers have to make decisions about how their 2015 pricing will be different from 2014. To an extent that will be determined by the demographic make up of the new enrollees. To another extent 2015 rates will be based on 2014 claims. The insurance companies have to file the 2015 rates somewhere around mid year.
The Federal Health Care Exchange Marketplace is working much better now. Almost everyone we enrolled in early December got their Premium Subsidy Tax Credits, and got a bill from the Health Insurance Company before the end of the month.
There will be more twists and turns in this process. At J. Burt & Associates, we keep working on improvements, but our basic infrastructure is up and working to help you obtain your tax credits, and get or improve your coverage. We can help you understand what you own, and help you to successfully use what you own.
Call 815-223-1222 with your questions.
J. Burt & Associates
Certified Patient Protection and Affordable Care Act Professional!
- J. Burt & Associates241 Marquette StreetPhone: 815-223-1222
La Salle, IL 61301-2436