Tricounty News

Avoid IRS insurance tax penalty

Next year, when you file your income taxes, you have to prove to the IRS that you have been insured all throughout 2014. Are you ready? If you aren’t, you face tax penalties. No one wants to owe money to the IRS.

If you haven’t done it yet, you should enroll in a health insurance plan right away, because after March 31, you can’t get insurance until Jan. 1, 2015.

Everyone is learning it’s complicated to find an affordable health plan to fit their needs. You can get help, however, at no cost to you by contacting a licensed health insurance agent. Agents are trained to guide you through the process and help you make a good choice.

Closed enrollment might leave you without coverage

Your chance to enroll in health insurance closes on March 31, 2014. That’s the day when open enrollment becomes closed enrollment.

The law states that everyone must have health insurance after April 1, 2014. If you do not, you will have to pay a tax penalty to the IRS in 2015.

Except for what the IRS calls “life events” (such as marriage, divorce, birth or adoption of a child, moving to a new residence, or loss of a job), you will not be permitted to buy health insurance until October of 2014. And your new insurance will not be effective until Jan. 1, 2015.

You can get help at no cost to you while enrolling in a health plan. Licensed professional health insurance agents are ready to help.