HealthCareForYouNow.com Offers Consumers a Chance to Minimize Their Tax Penalty by Enrolling in a Health Insurance Plan

News provided by

Feb 25, 2015, 12:00 ET

BOCA RATON, Fla., Feb. 25, 2015 /PRNewswire-USNewswire/ -- The Centers for Medicare & Medicaid Services (CMS) announced a special enrollment period for consumers who did not know or understand there was a tax penalty for being uninsured in 2014 or who learned they may face a penalty for 2015. "For the first time, health care and taxes now are linked arm in arm," C.E.O. of Access Medical Jim Jalil said.

"We had a tremendously successful second open enrollment period, with many new individuals signing up or continuing their health coverage through our website HealthCareForYouNow.com," said Jim Jalil. "However, we believe that many Americans did not realize those who do not obtain health coverage could face significant penalties when they file their taxes. And given that the personal risks of not having health coverage are even greater than the penalties, CMS has decided to continue a special enrollment period to allow those individuals more time to sign up."

The Internal Revenue Service (IRS) penalty for not obtaining health coverage for the 2014 calendar year is $95 for each household member or one percent of income, whichever is greater.
That penalty will increase in 2015 to $325 for each household member or two percent of income, whichever is greater.

Individuals taking advantage of this special enrollment period will still owe a fee for any months they were uninsured and did not qualify for an exemption in 2014 and 2015. This special enrollment period is designed to allow such individuals the opportunity to get covered for the remainder of the year and avoid additional fees for 2015.

For many, subsidies may make the cost of health coverage less than the potential tax penalties. For example:

In 2015, a 30-year-old in Lexington making $20,000 would qualify for a subsidy and pay $37.44 for a full year of bronze coverage or pay a $400 penalty and remain uninsured.
In 2015, a 25-year-old in Louisville making $40,000 would qualify for a subsidy and pay $604.08 for a full year of bronze coverage or pay an $800 penalty and remain uninsured.

On February 15, the second year of Open Enrollment came to a close with about 11.4 million consumers selecting plans or being automatically re-enrolled through the HealthCare.gov platform or State-Based Marketplaces. This week's snapshot extends through midnight EST on Sunday, February 15 to capture those consumers who signed up for affordable coverage in the final nine days.

Of the 11.4 million, 8.6 million consumers selected a plan or were automatically re-enrolled in the 37 states that use the HealthCare.gov platform. In addition, preliminary analysis of data provided by State-Based Marketplaces show that about 2.8 million consumers selected plans or were automatically re-enrolled between November 15 and February 15 in those states. Further details about plan selections from State-Based Marketplaces may be announced by the states and will be included within the upcoming monthly enrollment report.

"We had a strong open enrollment. About 11.4 million Americans signed up or were automatically re-enrolled in affordable, quality coverage nationwide since November 15," HHS Secretary Sylvia Burwell said. "And in the final day, more new consumers signed up for health coverage than on any other day this Open Enrollment or last. In the 37 states using HealthCare.gov, nearly 8 in 10 consumers had the option of getting covered for as little as $100 a month or less with financial assistance that lowered the cost of their monthly premium. The Affordable Care Act is now an important part of the everyday lives of millions of Americans. They finally have the financial and health security that comes with affordable health coverage. They now can fill prescriptions and take their children to the doctor. Some no longer have to choose between paying for health care and paying their utility bill. While we have more work to do, the numbers tell the story, and the story is clear. The Affordable Care Act is working, and families, businesses, and taxpayers are all better off as a result."

About HealthCareForYouNow.com

HealthCareForYouNow is a leader in bringing innovation to the personal insurance industry. We strive to exceed our customers' expectations by providing un-biased recommendations and high quality service. We have cutting edge technology, which allows us to provide our members the ability to compare all of their options. This gives our members the most up to date tools to make the best decision on the plans that fit their specific needs and budget. As the world is evolving, Healthcare For You Now will introduce the insurance world to a new hassle-free way to obtain personal and group health coverage.

Visit http://www.healthcareforyounow.com or call 1-855-495-6510 to learn more about affordable health care options.

Logo - http://photos.prnewswire.com/prnh/20150224/177661LOGO

SOURCE HealthCareForYouNow.com