Affordable Care Act insurance: Tax penalty if you don't sign up by December 15th deadline

WEST PALM BEACH, Fla. - While many people are confused about the Affordable Care Act, it's time to get informed. If you are uninsured and you don't sign up for insurance by December 15, 2013, you'll pay a price.

One week from today, the government will launch the Health Insurance Marketplace . Even if you have insurance through your employer, this may be a plan you want to consider.  

You'll have from October 1 - December 15, 2013 to sign up for the Health Insurance Marketplace. If you miss the deadline, you'll pay a penalty of $95 or 1-percent of your household income -- whichever is greater.

Plastridge insurance broker Josh Dorman said it's important to sign up in time.

"Let's say June 2 you get sick and you don't have coverage. You can't just buy it when you want. It has to be during an open enrollment period. There are qualifying events where if you lose your coverage you have 30 days to get coverage," said Dorman.

For this year only, there will be a second open enrollment from December 16, 2013 through March 30, 2014. However, experts say that coverage likely won't start January 1.

Dorman said you may face a tax penalty for the portion of the year you go without coverage, even if it's just a month.

 

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