Affordable Care Act Deadlines You Need to Know
The ACA has a number of deadlines that individuals and employers
need to keep in mind for years to come to avoid missing out on the insurance
options available to them or being financially penalized for failing to comply
with the health care reform law. The first big date in 2013 is Oct. 1, when the
health exchanges open for business, and individuals can start comparing premium
prices for the insurance plans being offered. The options on state exchanges
can be found by going to www.healthcare.gov,
which is also where you can learn whether your income qualifies you for
government subsidies to offset the cost of insurance.
1 is also the start of a six-month open enrollment on the exchanges, the
period when people can choose the insurance plan they want and get covered
15, 2013—This is the date you need to enroll for insurance on the exchange
and pay your first premium in order for your health coverage to go into
effect on Jan. 1, 2014. After Dec. 15, you still can enroll, but your
start date for coverage will be delayed by between two and six weeks,
depending on what day of the month you enroll.
1, 2014—Insurance coverage from plans sold on the health exchanges begin.
Most people who don't have insurance coverage by this date will face a tax
penalty of $95 for individual adults or 1 percent of their income,
whichever is higher.
31, 2014—The end of open enrollment on the exchanges. After that, you can
only enroll in the exchange's insurance if you have a so-called qualifying
life event, such as losing your job, having a child, or getting divorced.
15, 2014—Open enrollment on the health exchanges for coverage in 2015
begins. In future years, Oct. 15 also will be the opening of enrollment
7, 2014—Open enrollment for 2015 coverage closes. In future years, Dec. 7
also will be the closing date for enrollment.
1, 2015—You must have coverage for the year by this date or pay a penalty
of $325 for individual adults or 2 percent of income, whichever is higher.
1, 2015—Employers with 50 or more full-time workers must offer affordable,
comprehensive insurance by this date or face penalties of $2,000 per
1, 2016—Penalty for adults not having health insurance jumps to $695, or
2.5 percent of income, whichever is highest.
1, 2018—The so-called Cadillac tax on health plans kicks in. Insurers or
self-funded plans must pay a 40 percent excise tax on plans that cost more
than $10,200 annually for individuals and $27,500 for families.