Last Chance to enroll for healthcare coverage to avoid federal fines
The government has announced last opportunity for individuals who have missed to enroll for healthcare coverage under Affordable Care Act, promoted by President Barack Obama. The individuals with healthcare coverage face federal fines, which will be deducted from the tax refund.
According to tax filing company H&R Block, the average federal fine for the year for uninsured individuals is $175 (with lowest penalty at $95). The government has also planned to increase the fine for uninsured people to $325 (for full 12 month period) next year. Some people qualify for exemptions. The penalties for year 2014 are non-refundable.
According to official records, nearly 4 million people could face federal fines for not opting for healthcare coverage under Affordable Care Act. The authorities have urged people to check their status and if they are uninsured, they should enroll during the limited-time opportunity provided to them.
The enrollment at HealthCare.gov under last opportunity will continue till April 30. Those who fail to register by April 30, will face heavier penalty next year. The last open enrollment for healthcare ended February 15.
The current deadline is applicable only to 37 states that are covered under HealthCare.gov system. The states which run their own insurance exchange, might have different rules for fines and deadlines.
Tax preparers have urged people to check their status in time. The current opportunity will be offered only to people who were not aware if they legally required to have health coverage and for people who owed a penalty for being uninsured last year.
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