With the deadline looming large or in fact almost staring in the face for the Affordable Care Act, especially for those of whom who haven’t signed up for health insurance yet, you are definitely in for some luck.
The state of Texas decided against expanding Medicaid. This essentially means that folks who do not have coverage can visit the healthcare.gov website and sign up for health insurance. With the state deciding against expanding Medicaid, certain changes were initiated in order to get more people insured.
And if you are one amongst the many fellow Americans who for various reasons has not signed up for coverage yet, the extension of the timeline is certainly a stroke of luck.
As per the latest government directive, you can now sign up under the act on on before March 31, 2015. You won’t be liable for a penalty for the tax year 2014. However, failure to sign up post March 31, 2015, you will be liable for penalty to the tune of 1% of your income or USD 95 a month per individual – whichever is higher.
And for those of whom who have do indeed signed up, they would need to complete a few more formalities to ensure they are fully covered under the new law. For instance, the insurance would not be in effect until you pay the premium. So signing up is one thing, you also need to make sure that you pay the applicable premium for the insurance to be active.