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The Feb. 15 ACA Deadline – Here’s What it Means to You02.12.14

Are you still waiting to get health insurance? If so, there are two key dates to keep in mind.

March 31, 2014
is the deadline by which all Americans must have insurance coverage under the provisions of the Affordable Care Act (ACA). But there’s no need to wait until the last minute, because…

February 15, 2014
– this coming Saturday – is the deadline for signing up and paying for coverage if you want health insurance in place by the first of March.

What if I don’t sign up for health insurance and remain uninsured?
Starting in 2014, you will generally have to pay a new tax penalty.  This penalty could be almost 1% of your income. By 2016, penalty amounts will increase to about 2.5% of the household income.  And be forewarned: the IRS could take that money out of your refund next year! So if you stay uninsured, you can expect to see this penalty next year when you file your 2014 taxes.

Why does the February 15 date matter?
In this case, sooner is better. The earlier you have health insurance, the less your penalty will be when tax time rolls around next year.

Jackson Hewitt has already started helping customers figure out the ACA. With just a few extra minutes after the tax interview, our “ACA Accelerator” can tell customers what ACA programs they likely qualify for and fill out the paperwork for them!
   You might even qualify for free or low-cost coverage!  Our service is free – and you can learn about your options without making any commitment to sign up for coverage. 

So if you’re one of the millions of uninsured Americans, and you’ve yet to file your 2013 taxes, stop by
your nearest Jackson Hewitt office and find out how we can help you. There’s still time to sign up to meet the February 15 deadline to have coverage by March 1.