(Bloomberg) — Americans who find out they'll be paying a tax penalty for not having health insurance last year will get a chance to avoid the fee in 2016, after the feds announced an extra enrollment period starting next month.
The 2010 health law required all Americans to carry health insurance starting last year. People who didn't get covered will face a tax penalty for the first time this year, of as much as 1 percent of their income. If they remain uncovered this year, the fine may as much as double. Income tax filings are due April 15.
While sign-ups for 2015 coverage ended on Feb. 15, in a special grace period consumers will have a second chance to get coverage this year from March 15 through April and avoid next year's bigger fines, Andy Slavitt, principal deputy administrator at the Centers for Medicare and Medicaid Services, said on a conference call Friday.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
