Tax Penalty Enrollment Period
CMS (The Centers for Medicare & Medicaid Services) has said there will be a Special Enrollment Period Tax Penalty for those who individuals who did not enroll in healthcare coverage during the Annual Enrollment Period for 2015. This Tax Penalty Special Enrollment Period is for the Health Insurance Marketplace only and will be from Sunday, March 15th to Thursday, April 30th. You must meet a certain criteria to enroll.
• Must not have purchased health coverage for 2015 through the Health Insurance Marketplace
• Have or are paying the mandate penalty for not having healthcare coverage in 2014
• Must attest that they only became aware of the mandate penalty after the end of the 2015 Open Enrollment Period on February 15, 2015
If you do enroll during this time Special Enrollment Period you will have a regular effective date. Which means that enrollments completed before the 15th of the month will receive a coverage date of the 1st date of the following month. If an enrollment is completed after the 15th of the month it will receive a coverage effective date of the 1st day of the month after the following month. For example if you enroll on March 16th your effective date would May 1st. If you enroll on May 1st your coverage will begin on June 1st.
Our licensed agents here at SFG can help you enroll on the Health Insurance Marketplace. They can answer any question you have and walk you step by step through the confusing process of purchasing Individual Health Insurance. Please give our office a call and we will get you on the right track to get the healthcare coverage you need. Our number is 865-777-0153 or toll free at 1-800-677-0153. To learn more about the Marketplace and how it works click Here.
