Feb 23

Special Open Enrollment for Health Insurance

The U.S. Department of Health and Human Services (HHS) on February 20 announced that individuals who were uninsured in 2014, and subject to the individual responsibility payment in states with a federal Marketplace, would be granted another chance to enroll in 2015 coverage under the Patient Protection and Affordable Care Act (PPACA) (P.L. 111-148). The special enrollment period runs from March 15 through April 30, 2015.

In 2015, the penalty is $95 per person or 1 percent of income, whichever is greater. Estimates indicate that approximately two-to-four-percent of taxpayers will pay the fee for the 2014 tax year for choosing not to purchase health insurance. The open enrollment closed on February 15, leaving taxpayers unable to sign up for coverage for 2015 absent a special enrollment period. However, those who sign up now will still be subject to a penalty for lacking insurance in 2014.