Dive Brief:
- Consumers face a Feb. 15, 2015 deadline to buy insurance, after which those without coverage could be hit with fines of $325 per adult or 2% of family income, whichever is higher.
- Uninsured people looking to escape the penalties are turning to the exchanges before they close, while insurance companies and tax preparers are seizing on the looming tax hit as a business opportunity.
- Obamacare does allow Americans to go up to a maximum of 3 months without coverage, but fines will be issued from the IRS for not registering.
Dive Insight:
Waving the "stick" of IRS penalties is a definite driver for the insurance exchanges, so it's a good thing they're working pretty well the second time around. But the Affordable Care Act's insurance mandate isn't just a nuisance: It also protects Americans from getting dropped by an insurer for unplanned medical issues, such as pregnancy, or from being denied coverage based on pre-existing conditions.
To date, 2.5 million Americans have signed up for health insurance plans since Nov. 15, when the online system opened for business, the government said Wednesday. The Obama administration's goal for 2015 is to get 9.1 million paying customers in plans sold under the law.