A lot of employees are wondering when to sign up for the new federal health-care plans in order to avoid any penalties related to the mandate. To answer this question – March 31, 2014. This corresponds with the deadline to sign up for coverage by the end of March, which is the last day of open enrollment. A lot of Americans were uncertain if they had to be signed up by this date or covered by this date. You o
nly have to be signed up by this date; the lag that comes after is fine.
A lot of people have had difficulties trying to enroll through the Internet due to technical difficulties with the online marketplace. There is still time to enroll with a lot of them, according to the Department of Health and Human Services. People who have signed up by this date will not have to pay any penalties.
Dates to Remember
- Oct. 1, 2013 – The marketplaces and exchanges were opened for enrollment and shopping.
- Dec. 15, 2013 – This is the last day of enrollment if you want coverage to begin on Jan. 1.
- Beginning of January, 2014 – Earliest date that coverage can be set for qualified health plans.
- End of March, 2014 – Open enrollment has ended. If this date is missed, you have to wait until the fall to enroll.
How Much is the Penalty?
The payment you’re responsible for if you don’t have proper coverage is as follows:
- 2014 – $95 per person, up to three times annually for a whole family, which equals $285.
- 2015 – $325 per person, up to three times annually for a whole family, which equals $975.
- 2016 – $695 per person, up to three times annually for a whole family, which equals $2,085.
All types of health coverage counts as being insured. This includes programs through the government, through the workplace and even through private sectors. Some individuals are also exempt from the penalty if they are below the poverty level based on their income and household size.