My career is in Banking. I have been in banking for 14 years with 2 different employers. (12 years with one and 2 years with the other). On January 5, 2015, I resigned from the second employer due to conflict of interests in the particular job area I was working in. I am eligible for re-hire with the company if I chose to re-apply with them. Under this employer’s benefits, I had health insurance with the minimum requirements needed from January 1, 2015 until it was terminated 30 days after the 2-weeks notice period which would had made the termination date somewhere mid February.

I am a single mother, age 45, of a 9 year old boy. My average annual income is 40K. I am currently looking for a full-time job position within the same career with a company that does provide benefits. In other words, I am looking to secure medical insurance after the typical 90 day period as soon as I secure employment.

My questions are:

1. What is the minimum time (minimum gap) I can go without medical insurance in 2015 before I am penalized under the Obama Care Plan?

2. If I am subject to penalties, how will those penalties be calculated for 2015, when will I be charged the penalty, what are the options to pay the penalty and what is the deadline for payment?

I’m sure these questions are covered in some form or fashion under the many pages of FAQ’s; however, with my busy job search, it is simpler, more time efficient and I feel like my answers will be specific to my questions, because no one’s situation is exactly the same in most cases.

Thank you for your time and in advance for your careful consideration and correct responses.

FYI – I have already determined that I am not able to get benefits under the Obama Care Package/Marketplace for 2015…in other words, I missed the deadline and do not have the option for extension or special consideration; therefore, I know I would have to secure insurance with a independent provider which would be very costly and impossible without income.


If you go less than three months in a row without coverage or if you get covered during open enrollment, you can claim an exemption on form 8965 and avoid the fee. When you pay the fee you'll use the Shared Responsibility Calculator on the form 8965 instructions to calculate if you owe a penalty for not having coverage after claiming exemptions. You'll pay the fee right on your 1040 on line 61. The last opportunity to get coverage ended up February 15, but luckily for 2015 there is an extension for 2015 until April 15 to April 30 depending upon your state. Each year there may be additional extensions and other events can qualify you for special enrollment outside of open enrollment.

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