Obamacare Deadline

To be honest, I have not paid terribly close attention to all of the political elements of Obamacare (formally the Affordable Care Act) and the constant talk of repeal.  If it is anything like the mess that Congress occasionally creates with the federal estate tax, they should learn from that experience and settle on a law and leave it alone.  The constant changing of the rules (or threat of it) makes life difficult for taxpayers.

Regardless of whether the law ultimately is repealed or remains the law, there are some deadlines coming up in 2015 that are important.  Most urgently, if you do not enroll in a healthcare plan by February 15, 2015, you risk paying a penalty which, according to the now infamous government website is calculated as follows:

If you don’t have health coverage during 2015, you may have to pay a penalty. The fee in 2015 is higher than it was for 2014 — 2% of your income or $325 per adult/$162.50 per child, whichever is more.

For more information about the Obamacare law, check with www.healthcare.gov or with your state exchange.  In Washington, the state exchange is called Washington Healthcare Finder at www.wahealthcarefinder.org.

For a good summary of how Obamacare will affect your taxes, this Huffington Post article does a good job of summarizing the issue.