(Bloomberg) — Americans who find out they'll be paying a tax penalty for not having health insurance last year will get a chance to avoid the fee in 2016, after the feds announced an extra enrollment period starting next month.
The 2010 health law required all Americans to carry health insurance starting last year. People who didn't get covered will face a tax penalty for the first time this year, of as much as 1 percent of their income. If they remain uncovered this year, the fine may as much as double. Income tax filings are due April 15.
While sign-ups for 2015 coverage ended on Feb. 15, in a special grace period consumers will have a second chance to get coverage this year from March 15 through April and avoid next year's bigger fines, Andy Slavitt, principal deputy administrator at the Centers for Medicare and Medicaid Services, said on a conference call Friday.
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