Procrastinators of the world, this is your second chance if you’ve been dragging your feet on health care insurance.
![Failure to have health coverage this year could add hundreds of dollars to your 2015 tax bill.](https://img.overdriveonline.com/files/base/randallreilly/all/image/2013/10/ovd.shutterstock_84742363_LR.png?auto=format%2Ccompress&fit=max&q=70&w=400)
Feb. 15 was supposed to be the last day for enrolling in a health care plan to satisfy the requirements of the Affordable Care Act, thereby avoiding a tax penalty next year. Then last month the Obama administration announced it would reopen the federally facilitated insurance marketplaces March 15-April 30 for those learning this tax season that they would have to ante up for not having compliant coverage in 2014. State-run marketplaces in 14 states and the District of Columbia were expected to do the same.
Most of those who continue to buck the system will face a fine that’s roughly double that of last year’s: 2 percent of net income or $325 per adult/$162.50 per child, whichever is greater. In most cases, that’s likely to be the 2 percent – $800 or more, based on average income and typical deductions for the owner-operator clients of financial services provider ATBS.
Read more about dealing with the Affordable Care Act in this report from Senior Editor Todd Dills or a more tax-based focus from ATBS.