There are only a few weeks left until we reach February 15 the deadline to enroll in coverage during Open Registration. Whether you are enrolled in a new health plan or have not yet obtained coverage, there are some things you can expect from the Affordable Care Act in 2015.
plans begin to take effect -. once you have paid your first premium
Many people who have enrolled in health insurance plans in December expected benefits to start on January 1st. However, if you have not paid the premium for your first month of coverage, your insurance will not be active. Some people think they are covered just because they chose a plan and completed an application form, but you must do this first payment to activate your insurance benefits.
The uninsured population gets fined for the first time.
Some people are still unaware that they will be fined for going uninsured, but those people will take notice when they file their taxes this spring. This tax season is the first time that people will know the financial consequences of the individual mandate. People who could afford health insurance but chose not to include in 2014 the coverage will owe the government a percentage of their income. When people see that money withdrawn from their tax refund, the individual mandate will finally start to flow.
The penalty tax increases.
In 2015, the fine for not having health insurance increases to two percent of a person's household income. For someone who earns $ 40,000 a year, the fine would be nearly $ 0. As the tax penalty becomes more severe, it will become a deterrent to people considering uninsured. Fortunately, there is still time to avoid the tax penalty this year.
There will be confusion surrounding the tax penalty.
If you think filing your taxes has been confusing in the past, just wait until you see what happens when it comes tax time this year. With the deployment of new forms of taxation on tax grants from the Affordable Care Act and the individual mandate, this upcoming tax season will be more complicated than usual . GoHealth teamed with the largest tax services provider in the world, H & R Block, to prepare for it. Now buyers can contact H & R Block for registration Medicare services, a review of tax and health care, and assistance with tax subsidies premium of Affordable Care Act.
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