Some concern has been raised as to whether consumers will face a penalty if not enrolled in the Affordable Care Health Insurance by February 15 2014. In a statement that is not officially posted to whitehouse.gov but recently released to the public it was stated: “if you sign up for insurance by the end of March you will not face a penalty.”
Because there is roughly a six-week delay between signing up for health insurance on the public Marketplace and when that health insurance goes into effect the February 15 date became the targeted date in question. But contrary to that belief those who do not have health insurance are allowed a three-month gap in coverage to obtain health care coverage and have it be in effect before being subject to a penalty according to Reg. 1.5000A-5. Since the health insurance mandate takes effect on January 1 2014 a person has until March 31 to obtain coverage without penalty.
The targeted date to keep in mind is March 31 in order to avoid a penalty associated with lack of health insurance coverage. The IRS and HHS will be updating this information regularly as the time gets closer. For more information on how this regulation affects you contact Lindemeyer and we will help you sort out the details for compliance.