The deadline for Obamacare coverage is Feb. 15. If you miss the deadline, you may not be able to get coverage until 2016. If you don't have health care coverage in 2015, you'll be penalized when you file your 2015 federal income tax return in 2016.

Even if you don't think you need health insurance, you may want to get it for tax reasons and to avoid a penalty, reports Forbes. Taxpayers without coverage will have to pay a penalty on their federal income tax returns due April 15. If you don't have health care coverage and you don't qualify for exemptions, you'll have to use the form 8965 instructions to figure the penalty amount that you owe. The penalty is generally equivalent to 1 percent of your income or $95 per adult, $47.50 per child, and up to $285 for a family, whichever is higher, for the 2014 tax year.

The Affordable Care Act penalty will increase in coming years, according to Forbes, rising to $325 per adult for the 2015 calendar year and $695 per adult for the 2016 calendar year.

Most taxpayers receive health insurance through their employer, COBRA coverage or private insurance. In order to have the required "essential minimum coverage" to avoid the penalty, you need to have health care coverage through the government, including the Healthcare Marketplace, Medicaid, Medicare, retiree coverage, TRICARE, CHIP or VA health coverage.

If you enrolled through the Marketplace in 2014, you were automatically re-enrolled for 2015 with the same health insurance carrier starting on Jan. 1. If you want a different health insurance plan than the one you are automatically enrolled in, you have until Feb. 15 to change plans.

If you don't apply for new coverage by Feb. 15, you can't change plans in 2015 unless you qualify for a Special Enrollment Period (SEP). You qualify for the SEP 60 days following particular life events, including childbirth, marriage or loss of health insurance; employer-provided plans allow a SEP of 30 days.

You have the choice to apply for the required health care coverage for 2015 through the Healthcare Marketplace or private insurance, but it is important to note you can only apply for health care tax credits if you buy a Marketplace plan. If you earn too much income to qualify for the tax credits, you may want to research private insurance plans to find one that fits your budget.

If you get a new plan or switch plans through the Healthcare Marketplace by Feb. 15, coverage begins March 1.

For information about health care coverage, tax credits or to buy through the Marketplace, visit healthcare.gov.

Related