{"id":5626,"date":"2015-03-13T11:27:19","date_gmt":"2015-03-13T15:27:19","guid":{"rendered":"http:\/\/www.nchealthplans.com\/news\/?p=5626"},"modified":"2015-02-26T11:27:41","modified_gmt":"2015-02-26T16:27:41","slug":"suprised-by-tax-penalties-cms-offers-special-enrollment-period","status":"publish","type":"post","link":"https:\/\/www.nchealthplans.com\/news\/2015\/03\/suprised-by-tax-penalties-cms-offers-special-enrollment-period\/","title":{"rendered":"Suprised by Tax Penalties? – CMS Offers Special Enrollment Period"},"content":{"rendered":"

\"Shocked<\/a>For individuals and families who did not have health coverage in 2014 and are subject to the tax penalty when they file 2014 taxes, a special enrollment period (SEP) has been announced.\u00a0 This SEP has been created for those individuals who were unaware of the tax penalty or failed to fully understand the implications of the penalty for not enrolling in coverage during 2014.\u00a0 From March 15th to April 30th, CMS is providing consumers with another opportunity to purchase health insurance<\/a>; however, if consumers do not purchase during this enrollment period, they may have to pay the penalty when they file their 2015 income taxes.<\/p>\n

The special enrollment period will begin on March 15, 2015 and will end at midnight Eastern Standard Time on April 30, 2015.\u00a0 If a consumer enrolls in coverage before the 15th of April, coverage will begin on May 1st and if a consumer enrolls between April 16th and April 30th, coverage will begin on June 1st.<\/p>\n

Because this year’s tax season is the first time individuals and families are required to provide information about their health coverage on their tax returns, CMS recognizes that there may be an adjustment period.\u00a0 Administrator Marilyn Tavenner stated regarding this special enrollment period, “Our priority is to… provide those who were not aware or did not understand the requirement with an opportunity to enroll in affordable health coverage this year.” Further, those who could not afford coverage or met other certain conditions may be eligible to receive an exemption from the tax penalty.<\/a><\/p>\n

The majority of taxpayers will only be required to indicate on their tax return that they had health coverage in 2014, either through an employer, Medicare, Medicaid, or other health coverage that meets the requirements of minimal essential coverage.<\/a>\u00a0 Other taxpayers will be granted an exemption from the tax penalty and still other taxpayers will pay a penalty for choosing to remain uninsured.\u00a0 Americans who do not qualify for an exemption and who are required to pay the penalty will be paying a fine of $95 per adult or 1% of their income, whichever is greater.\u00a0 This special enrollment period is designed to allow such individuals one final opportunity to get coverage<\/a> and avoid having to pay other penalties in 2015.<\/p>\n

Those eligible for this special enrollment period must meet ALL of the following requirements:<\/strong><\/p>\n