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The March 31, 2014 Deadline to Sign Up for Health Insurance is Nearing — Don’t Miss It!

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There is a lot of talk about how the upcoming March 31, 2014 deadline for health insurance is drawing near. While many individuals know the deadline is drawing closer, not many people understand exactly what will happen on that date.

The following is a look at what exactly will happen on March 31, 2014 and what the possible penalties could be for not signing up for health insurance by this date.

Open Enrollment Ends on March 31, 2014

Insurance companies that offer plans on an ‘open market’ are required to accept applications from qualified individuals for a set period of time. March 31, 2014 marks the last day in which qualified individuals can sign up for insurance plans listed on the open market.

Monetary Penalties for Not Enrolling by March 31, 2014

Individuals who have not purchased health insurance by March 31, 2014 could face a potential tax penalty.

The amount of the tax penalty will vary based on income. Penalties will be calculated in one of two ways:

  • $95/per person or $47.50/per child for a family maximum of $285
  • 1% of the yearly filed income for a household

The penalty that is paid is whichever is higher.

Inability to Enroll in Health Insurance Until Next Open Enrollment

In addition to a monetary penalty, individuals who do not sign up for health insurance by March 31, 2014 will not be able to sign up for health insurance again until the next open enrollment period. The next open enrollment period will begin sometime around mid-October and health insurance coverage will not start until January 1, 2015.

For more information about the Affordable Care Act deadlines and health insurance in California, contact Maurice Taylor Insurance, located in Los Angeles.

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