ACA tax penalty looms for those still uninsured

People who had not signed up for health-care coverage by yesterday (April 30) could face federal tax penalties (Source: “Deadline puts tax penalties on horizon,” Toledo Blade, April 30, 2015). 

The special extension for people to sign up for health-care coverage in the Affordable Care Act Marketplace ended yesterday, and according to U.S. Department of Health and Human Services, the tax penalty increases in 2015 to $325 per person or 2 percent of household income, whichever is greater. The penalty was $95 in 2014.

The open enrollment period for the marketplace exchange was extended beyond the original Feb. 15 deadline to give people who were not aware of the tax increase a chance to sign up through the end of April.

Those who missed yesterday's deadline can still sign up for health insurance in the exchange if they have a special life circumstance such as the loss of a job, marriage or divorce, if they move to a new state, or if they age off their parents insurance policy.