March 31 is the End of the Obamacare Open Enrollment Period

If you don”t have health insurance, you could be penalized when you file your 2014 tax return.  March 31 is the last day of the Obamacare open enrollment period.  If you want to buy insurance, you need to do it by March 31.  After March 31, it will not be available again until the window opens up again in Fall 2014.

Learn about Your Health Insurance Coverage Options  —  The Health Insurance Marketplace

If you don’t have coverage or if you have it but want to find out about other options, help is available at the Health Insurance Marketplace.  While no one is required to use the Marketplace, if you need insurance, it may be right for you.  The Marketplace is where you can find health insurance coverage options that fit your budget and meet your needs.  The Department of Health and Human Services administers the requirements for the Marketplace and the health plans they offer.

When you visit the Marketplace, you can fill out one Marketplace application to learn if you can get lower costs based on your income, compare your coverage options side-by-side, and if you choose, you can enroll in health insurance coverage.

If you purchase coverage through the Marketplace, you may be eligible for the premium tax credit. This refundable tax credit helps people with moderate incomes afford health insurance coverage they purchase through the Marketplace.

If you are eligible for the credit, you can choose to “get it now” by having some or all of the credit paid in advance.  These payments go directly to your insurance company to lower what you pay out-of-pocket for your monthly premiums during 2014.  Or you “get it later” by waiting to  get the credit when you file your 2014 tax return in 2015.

NOTE:  If you would have qualified for the Premium Tax Credit and buy your insurance from outside the marketplace, you will not be eligible for the credit.  You must buy insurance through the marketplace to get the credit.

For more information about your coverage options, financial assistance and the Marketplace:

visit HealthCare.gov

www.IRS.gov/aca,

or, www.CoveredCalifornia.com

If you have any questions about this article, give us a call at Bressler & Company — 559.924.12225.

Taken from IRS Tax Tips, February 25,2014