Helped more Kentuckians avoid tax penalty
FRANKFORT, Ky. (May 19, 2015) — An additional 3,047 Kentuckians signed up for affordable health coverage during a special enrollment period from March 2 through April 30 to give Kentuckians unaware of possible tax penalties for the uninsured more time to sign up.
At the Feb. 15 close of the 2015 open enrollment period, 158,685 individuals had enrolled in health care coverage through kynect for 2015. That number included 102,830 Kentuckians who have either newly enrolled in a qualified health plan since Nov. 15, 2014, or renewed the private insurance plan they purchased through kynect last year. With the additional enrollments, the final qualified health plan enrollment total for 2015’s open enrollment period is now 105,877 individuals. These enrollments are strictly for private health plans, not expanded Medicaid.
The Internal Revenue Service (IRS) penalty for not obtaining health coverage for the 2014 calendar year is $95 for each household member or one percent of income, whichever is greater. That penalty will increase in 2015 to $325 for each household member or two percent of income, whichever is greater.
Individuals who took advantage of the special enrollment period will still owe a fee for any months they were uninsured and did not qualify for an exemption in 2014 and 2015. This special enrollment period was designed to allow such individuals the opportunity to get covered for the remainder of the year and avoid additional fees for 2015.