Obama Care’s individual mandate requires that most Americans obtain health insurance by 2014 or pay a tax penalty. The individual mandate went into effect January 1st, 2014. The penalty will be applied to your year-end federal modified adjusted gross income for each month you don’t have health insurance or an exemption.
To avoid the penalty you needed coverage that started by May 1st, 2014. If you missed the deadline you’ll have to wait until the marketplace opens again on November 15th, 2014 to get marketplace coverage unless you qualify for a special enrollment period. Contact us to learn more..