New Obamacare Sign-Up Enrollment for Select Few Who Failed to File a 2014 Tax Return.
What we know
Although the Obama administration said they would not extend the Obamacare open enrollment period beyond January 31, 2016, a select few may qualify to enroll up until March 31, 2016. This new sign-up applies only for those who failed to file taxes in 2014.
Why the Extension
People who failed to file a 2014 tax return no longer qualify for the subsidized tax credit to help pay for their insurance coverage. Starting in 2016, they are now responsible for 100% of the cost of their health coverage. In order to qualify for a subsidy, you must file taxes every year.
In addition, people who were receiving a subsidy but let their insurance lapse in 2015 were denied a subsidy if they attempted to enroll for coverage this year, since they failed to file taxes in 2014.
Those who failed to file must file their taxes by March 31, 2016. If they do so, they will still be eligible to purchase health coverage and be eligible for the tax credit.
There is still much confusion about Obamacare’s open enrollment periods, penalties for not obtaining qualifying coverage, and how failure to file your taxes may affect your health insurance coverage.
For additional information regarding the extension for Obamacare coverage through Healthcare.gov, see www.obamacare.net.