7 Things You Need to Know About the Obamacare Deadline

March 17, 2014— -- intro: With the deadline to sign up for health insurance only two weeks away, just 4.2 million Americans have enrolled in a policy, according to the Department of Health and Human Services.

If you’re one of the millions who still don’t have coverage, this is what you need to know.

quicklist: 1 category: Obamacare Deadline title: When is the deadline?url:text: Under the Affordable Care Act, also known as Obamacare, Americans must sign up and pay for health insurance by March 31, 2014 or face a possible tax penalty.

(Source: healthcare.gov)

Related: Obamacare Explained (Like You're An Idiot)

media:

quicklist: 2category: Obamacare Deadlinetitle: How much is the penalty?url:text: If you fail to secure a health insurance policy before the deadline, you will pay $95 or one percent of your income – whichever is higher – on next year’s tax return. There is also a penalty $47.50 for every uninsured child under the age of 18 with a maximum penalty of $285 per family.

(Source: healthcare.gov)

media:

quicklist: 3category: Obamacare Deadlinetitle: Is anyone excused from paying the penalty?url:text: In most, but not all states, anyone who has an income that is less than 100 percent of the Federal Poverty Level, or FPL, will not have to buy health insurance and will not pay a penalty.

The FPL is defined by the government as the minimum income threshold required for basic needs such as food, shelter and transportation. If you make less than 100 percent of the FPL, health insurance is considered unaffordable for you but you might qualify for other types of government assistance including some health care programs. In most states, if you make between 100 and 400 percent of the FPL you are eligible for tax credits to help pay for a health insurance policy.

(Source: getinsured.com)

Related: New Health Insurance Rights for Same-Sex Couples

media:

quicklist: 4category: Obamacare Deadlinetitle: What type of health insurance do I need to avoid the penaltyurl:text: Most Americans need to purchase a qualified plan that covers the “minimum essential benefits” which includes things like maternity and newborn services, emergency care and prescription drugs. There are some notable exceptions. Grandfathered plans in place before March of 2010 don’t have to follow the rules. Neither do most employer, COBRA or military plans. If you have Medicare you’re also excused from paying a penalty and the same is true for most Medicaid policies. Anyone under 30 can still carry a catastrophic plan that offers bare minimum coverage.

(Source: getinsured.com)

media:

quicklist: 5category: Obamacare Deadlinetitle: Once the deadline has passed can I still buy insurance?url:text: Unless you have what’s known as a “qualifying event” you’ll have to do without insurance until the next sign up period which begins on November 15, 2014. A qualifying event, like switching jobs, having a baby or moving out of state, allows you to buy a plan during a 60-day “special enrollment” period.

(Source: healthcare.gov)

media:

quicklist: 6 category: Obamacare Deadlinetitle: Is it cheaper to pay the penalty?url:text: Believe it or not, depending on where you live and how much money you make, it’s actually cheaper to buy insurance than pay the penalty, according to Ivan Williams a senior policy advisor with the certified insurance marketplace, GetInsured.