In order to avoid paying the penalty mandated by the Affordable Care Act (ACA), Americans should have active medical coverage by March, 1, 2014. The Congressional Budget Office projected that approximately 6 million Americans will pay the penalty in 2016.
The open enrollment period runs through March 31, 2014; however, the insurance plans require time to take effect after enrollment, and the ACA requires a citizen to have an active policy as of March 31. Thus, plans must be purchased by mid-March 2014 in order to avoid a penalty.
Read more here.
For guidance on enrollment for Medicare beneficiaries, click here.