TaxACT & GetInsured Help Taxpayers Easily Navigate Tax Penalty & Health Insurance Options

CEDAR RAPIDS, IA and MOUNTAIN VIEW, CA--(Marketwired - Mar 24, 2015) -  TaxACT®, the leader of affordable digital tax preparation solutions, and GetInsured, a leading online health insurance marketplace, have partnered to answer common questions about the extended healthcare open enrollment window, known as a special enrollment period (SEP). Together, TaxACT and GetInsured offer easy solutions to help taxpayers determine their eligibility for the special enrollment period and understand their insurance options.

"Many Americans who were uninsured in 2014 are getting their first real exposure to the Affordable Care Act when they file their taxes and learn they owe a penalty," said Mark Jaeger, Affordable Care expert at TaxACT. "Thanks to this special enrollment period, these taxpayers can still sign up for health coverage to avoid paying a higher penalty for 2015."

A recent study reported that 44% of Americans who were uninsured in 2014 don't know about or understand the tax penalty for not having health insurance.

When is the special enrollment period?
It began March 15 and closes April 30 for taxpayers living in states supported by the federal marketplace. If you buy coverage by April 30, your insurance may start as soon as June 1.

Who is eligible for the special enrollment period?
You are eligible if you meet all of the following requirements:

• You owe a penalty, also known as an individual shared responsibility payment, for not having health insurance in 2014
• You didn't know about or understand the new law requiring you and everyone in your household to have health insurance
• You currently do not have health insurance through the federal marketplace, healthcare.gov

Many states with their own marketplaces have also extended enrollment, including California, Connecticut, the District of Columbia, Kentucky, Maryland, Minnesota, New York, Rhode Island, Vermont and Washington.

Why should I enroll in health insurance?
Uninsured taxpayers will have to pay higher penalties for 2015. The maximum penalty amount for 2014 was the greater amount of 1% of household income or $95 per adult and $47.50 per child, up to $285. For 2015, the maximum amount increases to 2% of household income or $325 per adult and $162.50 per child, up to $975.