March 26– The final deadline for open enrollment for required health insurance in 2014 under the Affordable Care Act (ACA), popularly known as Obamacare, is five days away.
The deadline to enroll in Obamacare is Monday, March 31, to be considered covered and avoid the IRS penalty for failing to have an eligible health insurance plan. The penalty for failing to have an eligible health care plan during 2014 is $95 person, or one percent of household income above the tax-filing threshold, which is $10,150 for an individual, whichever is greater.
In other words, if your yearly income is $20,150, and you do not have health insurance, you would be penalized one percent of $10,000, which is $100. The maximum penalty per household for 2014 is $285.
The next open enrollment period for health insurance under Obamacare is in November 2014, but there are certain “qualifying events” that would allow some individuals to enroll between March 31 and the next open enrollment period.