HealthCare.gov Says 36K-plus Have Used Extra Signup Time to Avoid Obamacare Penalty

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HealthCare.gov Says 36K-plus Have Used Extra Signup Time to Avoid Obamacare Penalty

According to The Centers for Medicare and Medicaid Services (CMS), an estimated 36,000 customers have selected health plans of HealthCare.gov in order to avoid tax penalties as of March 29. The administration is offering a grace period from March 15 to April 30 to people who will pay a tax penalty because they did not have health insurance in 2014.

Understanding the Penalties

  • Those who did not report any health insurance in 2014 face a penalty of $95 or 1% of household income
  • Those who missed the February 15 deadline to sign up for private coverage will face a 2015 penalty of $325 or 2% of household income
  • An estimated 820,000 customers received the incorrect 1095-A form on Healthcare.gov. The administration states that they are currently working on 1,500 of the incorrect forms and will need to send out corrected forms by the tax deadline.

    To read more, click here.

    By | 2015-04-16T01:19:33+00:00 April 9th, 2015|Articles, Government Mandates and Compliance, Industry Updates|0 Comments