Deadlines and Penalties

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.