- 2015 Obamacare Open enrollment will begin on November 15, 2014 and end on February 15, 2015. The chances of date changes or extensions this time around are slim. Yes, there were lots of changes, extensions and exceptions in the first go-round. But that was because everyone – including applicants, carriers, brokers, exchanges, and HHS – was figuring it out as they went along. Not so the second year. Exchanges will be ready to go on day one, and I imagine that the February 15 end date will be pretty solid.
- People who enroll between November 15 and December 15 will have coverage effective January 1.
- People who enroll between December 16 and January 15 will have coverage effective February 1.
- People who enroll between January 16 and February 15 will have coverage effective March 1.
- If you are uninsured until March 1 because you enroll during the last month of the 2015 Obamacare open enrollment period, you’ll have two months without insurance at the start of 2015. You are allowed one gap in coverage of up to three months without having to pay a penalty, so if your uninsured period
begins NO EARLIER than December 1, 2014 you won’t owe a penalty for 2015 (details here). OR, if you are without coverage for more than three months at the end of 2014 and are assessed a penalty for the uninsured period in 2014 (calculated when you file your taxes in early 2015), you also won’t owe a penalty for the two months you’re uninsured in 2015, since your uninsured gap would start over on January 1. - There are going to be people who end up paying a penalty for not having coverage in 2014, but don’t find out that they owe the penalty until they file their taxes, which for a lot of people, will be after February 15, 2015. Unfortunately, by that point they will have missed the 2015 Obamacare open enrollment period as well. Don’t let yourself be one of those people! If you’re uninsured this year, now’s the time to figure out whether or not you qualify for an exemption, or whether you’re going to have to pay a penalty. Be aware that the penalty for going uninsured in 2015 is much more significant than this year’s penalty. If you’re going to owe a penalty for 2014, make sure that you get yourself enrolled during the 2015 Obamacare open enrollment period so that you don’t get stuck with another penalty for 2015.
How to calculate ACA MAGI or “household income” for subsidies
