How to beat this month’s Obamacare deadline – Yahoo Finance

How to beat this month’s Obamacare deadline – Yahoo Finance.

If you’re in Colorado, call Chris Adams at 303.495.3045!

But it’s time to get cracking. February 15 marks the last day for Obamacare participants to make changes to their coverage for this year. Those who sign up for plans for the first time or change their coverage by February 15 will have their new policy start March 1. After open enrollment, consumers without a “qualifying life event,” like a move or the birth of a child, must wait until fall to make changes for 2016 coverage. And while Obamacare faces a challenge in the Supreme Court and in the Republican-led Congress, it remains the law of the land.

If currently uninsured people do nothing by February 15, they face a penalty next tax season unless they qualify for an exemption on religious or other, limited grounds. The fee for not buying coverage for 2015 will be 2% of your yearly household income, or $325 per adult and $162.50 per child for the year (up to a family maximum of $975), whichever is higher. The federal government estimates that as many as six million households may have to pay a penalty this year for not having had coverage in 2014, The Wall Street Journal recently reported.

There’s a mistake in this article regarding the penalty. The percentage is correct but it is NOT your yearly household income, it is your taxable household income for the year.

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