The Affordable Care Act (aka Obamacare) Dates and Deadlines
November 1st, 2016 – Annual Enrollment Period begins
December 15th, 2016 – Deadline for a January 1, 2017 effective date
January 15th, 2017 – Deadline for a February 1, 2017 effective date
January 31st, 2017 – Deadline for a March 1, 2017 effective date
January 31st, 2017 – Annual Enrollment Period 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:
2017 – 2.5% of your yearly income or $695 per adult person for the year ($347.50 per child), whichever is higher
Maximum penalty: $2,085
The penalty will be collected on the following year’s tax return.