CMS offers special ACA enrollment period through April 30
Posted On: 2-20-2015 | Posted By: Debbie Mathes, CPA
The Centers for Medicaid and Medicare Services announced on February 20 it will offer a special enrollment period for eligible individuals from March 15 through April 30, to coincide with the end of tax return filing season.
This is the first year that individuals who did not meet the mandate to carry health insurance in 2014 will be required to pay a penalty, which is assessed and paid via their income tax return. CMS anticipates some taxpayers will be surprised by the penalty and be motivated to get enrolled to avoid future penalties.
Taxpayers will be eligible for the extended enrollment period if they:
- live in states with a federally-facilitated marketplace;
- are currently not enrolled in Marketplace coverage for 2015;
- attest that they paid the penalty for not having coverage in 2014 when they filed their tax return; and
- attest that they first became aware of, or understood the implications of, the “shared responsibility payment” after open enrollment ended on February 15.
The penalty for failing to maintain health coverage in 2014 is the greater of $95 or 1% of their 2014 income. The penalty rises to 2% of income for the 2015 tax year.
If you have any questions regarding the penalties or other aspects of the ACA, please contact your WK advisor at (573) 442-6171 or (573) 635-6196.