With the March 31 deadline for purchasing insurance little more than a month away, individuals who don’t have insurance benefits have a limited amount of time to secure a health policy without being fined. However, with the April 15 tax filing deadline also looming, a new report suggests that enrollment numbers for the Affordable Care Act are bound to rise.
According to the Robert Wood Johnson Foundation, approximately 75 percent of individuals who don’t have health insurance are expected to file income taxes this year, insurance news outlet BenefitsPro reported. Of these individuals, many will likely qualify for insurance subsidies, helping them pay for coverage.
The study indicated tax preparers could inform filers of this fact, which would enable them to get covered for an affordable price.
“Public and private sector leaders interested in enrolling the eligible uninsured could seriously consider engaging with both the for-profit and nonprofit segments of this industry to maximize its ability to help uninsured clients obtain health coverage,” the report stated.
Anyone who does not have a qualified health plan before March 31 will be docked $95 or 1 percent of their annual pay, whichever is highest. Forbes noted this fine will likely come after deducting the appropriate amount from a filer’s tax refund.