ACA Update – January 2015

Important Affordable Care Act Reminders for January 2015

  • If you have employees who are not eligible for your group coverage and they currently do not have coverage, they may only enroll in individual coverage during open enrollment which ends February 15th.  This is true both on and off the Marketplace this year.

 

  • Please remember that the penalty for not having coverage increases this year (2015) to the greater of $325/adult ($162.50/child) or 2% of household income.  You can have a coverage gap of up to 3 months (as a yearly total) without incurring this penalty.

 

  • The 2014 tax forms for individuals includes a box asking if you had health care coverage  last year.  You must check this box if you had coverage so that you aren’t penalized.  Carriers will not be sending a form showing proof of coverage to members this year, but a form will be required from carriers for 2015 taxes.  The 2014 penalty for not having coverage is the greater of $95/adult ($47.50/child) or 1% of income.

 

Please consult your tax advisor if you have further questions regarding the 2014 tax forms.

For questions, please contact:

Elizabeth Ingram
Account Manager, Employee Benefits
Insurance Trust
Phone: 800-287-3379 x 312
info@insurancetrust.us