Deadlines and Penalties

The Affordable Care Act (aka Obamacare) Dates and Deadlines

October 1, 2013 – Open Enrollment Begins

December 15th, 2013 – Deadline for a January 1, 2014 effective date

January 15th, 2014 – Deadline for a February 1, 2014 effective date

February 15th, 2014 – Deadline for a March 1, 2014 effective date

March 15th, 2014 – Deadline for a April 1, 2014 effective date

March 31st, 2014 – Deadline for a May 1, 2014 effective date

March 31st, 2014 – Open Enrollment Closes

Penalties

The penalty is actually a monthly penalty and not a yearly one like most people think.  If you have coverage for 9 months out of the year, you will not be accessed a penalty.  However for simplicity sake, it’s easier to understand it on a yearly basis.  The penalty for not having “creditable” coverage under the new law will be as follows:

2014 – 1% of your yearly income or $95 per adult person for the year ($47.50 per child), whichever is higher

2015 – 2% of your yearly income or $325 per adult person for the year ($162.50 per child), whichever is higher

2016 – 2.5% of your yearly income or $695 per adult person for the year ($347.50 per child), whichever is higher

The penalty will be collected on the following year’s tax return.

Please note....At time of publication, this information is accurate. We are not connected with or endorsed by the US Government or the PPACA. Click our About Us page to learn about why we created this website.


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