Update April 4, 2014: Extensions have been granted to accommodate difficulty with enrollment. It has also surfaced that the penalty received for not having healthcare by April 1st will be prorated by the number of months that you are actually covered in 2014.
May 2014 Update: The April 1 ‘must have coverage for no penalty’ deadline has changed to May 1 to accommodate the sign up extensions and application processing time.
As of yesterday, March 12, 2014 the answer is no for a possible Obamacare deadline delay.
How do the Penalties work?
If you are not exempt per the ACA Exemption Requirements, then the penalties for Obamacare for not having healthcare insurance will be paid when you file 2014 taxes, which are due in April of 2015. You will need to provide evidence on your tax return that you had health care coverage or you will receive a penalty. Unfortunately, you can’t worm your way out of the penalty doghouse with “The website was down”, “I thought all of this was starting next year” or “I’m a far right Republican”. Everyone that cannot prove they had healthcare in 2014, and were not exempt, will receive a penalty. (more…)
Are You Exempt from Obamacare?
Being exempt from Obamacare means that you do not have to purchase health insurance. This means that you will not get a penalty for not being covered. Several exemption types have some type of healthcare available, such as low income individuals’ access to Medicaid, or access to healthcare in an Indian tribe or a healthcare sharing ministry. Otherwise, please make sure you understand the financial and health risks of not having health insurance before you make the choice to be exempt.
If you are worried about the slow drip of Obamacare information and how the thousands of pages of rules & regulations will affect you, try to relax and hang on for the ride. There’s a chance it could work out well for you. If that’s not the case, hopefully it will pacify you to remember that the trend for medical and health insurance costs is to go up over time. (more…)