The second year of Affordable Care Act insurance exchanges begins November 15th. That day will be the beginning of open enrollment allowing millions of Americans to sign up for health insurance for 2015. Californians can shop for 2015 insurance policies on Covered California.
- November 15, 2014: Open Enrollment begins.
- December 15, 2014: Deadline to enroll in health insurance plan for January 1 start date.
- December 31, 2014: Coverage from ANY 2014 plan ends.
- January 1, 2015: 2015 coverage begins for anyone enrolled prior to December 15, 2014.
- February 15, 2015: Open Enrollment closes for 2015 coverage. Only those qualifying for ‘special enrollment’ will still be able to apply. Special enrollment requires one of the following events: marriage, birth/adoption, loss of coverage (including changing jobs). Medicaid/CHIP applicants, as well as any SHOP applicants, can enroll at any time throughout the year.
- Beginning in 2014, Americans without health insurance are required to pay a penalty on the following years taxes. In 2014, the penalty was the greater of 1% of income or $95. This penalty should be paid on your 2014 tax return, most often filed in spring 2015.
- In 2015, the penalty for not having coverage increase to 2% of income or $325, whichever is higher. This would be paid on your 2015 tax return, most often filed in spring 2016.
- Tax Credit: Available to small businesses that purchase insurance through the SHOP exchange. This is retroactive (meaning you can claim if you paid for employee premiums).
More information on 2015 ACA is available.