Subject of the Month: Higher Penalties for Uninsured in 2016
If you don’t have health insurance in 2016, you’ll pay the higher of these two amounts:
2.5% of your yearly household income (Only the amount of income above the tax filing threshold, about $10,150 for an individual in 2014, is used to calculate the penalty.) The maximum penalty is the national average premium for a Bronze plan. Or, you’ll pay $695 per person ($347.50 per child under 18). The maximum penalty per family using this method is $2,085. Generally someone only applies for insurance through Covered California if their income is close to the guidelines below. You have to estimate your income for the upcoming year, so if you are sure what it will be exactly, applying through Covered California will ensure that you DO get the Federal subsidy money that you deserve at tax filing time if you estimated making more money than you actually did. If your income is under $47K as an individual, $63K as a married couple or $97K as a family of four (for example, not limited to) you have options with Covered California You have until 1/31/16 to enroll in a plan for 2016 to avoid the penalty for 2016. If your income is higher, then we apply directly to the insurance plans for coverage. If you’d like assistance understanding your choices; call to schedule a phone consultation with me, my services are free.
DECEMBER 2015
40
SOUTH COUNTY MAGAZINE