The IRS just released a new publication designed to simplify the information about the Affordable Health Care Act (ACA). Pub 5172 is one page long. Take a look at it. I am pretty impressed. It is listed all on 1 page.
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The penalty for not having insurance will, at minimum, double.
Lastly, if you choose not to purchase health insurance in 2015 be prepared to open up your wallet significantly wider than you did in the previous year.
If you recall, penalties for violating the individual mandate – the actionable component of the ACA that requires citizens to purchase health insurance – in 2014 was the greater of $95 or 1% of your annual income. In 2015, those penalties will jump by somewhere between 100% and 242%, with the non-compliance penalty being the greater of $325 or 2% of your annual income.
On a side note, keep in mind that you won’t be taxed 2% of your annual income if you make a million dollars for example. The most you are on the line for as a citizen is the annual cost of a bronze-level plan. Similarly, there are a number of ways a citizen can be exempt from this penalty, including situations where there is an economic hardship, as well as in situations where you’d be forced to pay too much of your annual income toward your healthcare premiums. The point being, if you aren’t planning to sign up for health insurance, prepare to pay a steeper fine when you file your taxes in April 2016 for the 2015 year.
Articles reposted from: http://www.fool.com/investing/general/2014/09/20/3-things-you-need-to-know-about-enrolling-for-obam.aspx
Did you know that you’ll automatically enroll in the same plan unless you do something about it.
Here’s something I’d venture a guess you probably didn’t know: If you don’t opt out of your existing health plan or choose a different plan, you will be automatically enrolled in your existing insurance plan for another year.
If most Americans are anything like me (where they tend to let their bills be paid by auto-debit) it’s quite possible we could have a number of surprised auto-enrollees.
In addition to auto-enrollment, the premium you’ll pay is likely to change. Right now you’re probably thinking, “Tell me something I don’t know!” Well here’s that something: if you enrolled in the cheapest bronze plan you could find in your state last year there’s a really good chance that your plan is no longer the cheapest this year.
According to a recent study released by the Kaiser Family Foundation, out of the 16 locales it’s received complete premium data on (15 states plus Washington D.C.), 12 had a new lowest-priced plan for 2015. The reasoning behind these fluctuations likely has to do with the emergence of additional competition on the exchanges as well as having a number of first-time participants in the individual insurance market last year that have had to adjust their pricing for 2015.
The lesson here is that if you’re trying to pay close attention to your premium costs in 2015, you’ll need to be proactive about searching the exchange in your state for the best rates.
If you don’t like your plan, want to change your plan, just give us a call.
The Affordable Care Act establishes state marketplaces, where individuals and small businesses can shop for health insurance on the Internet, in person or by phone. These marketplaces will help make health insurance much more reasonably priced and easier to
get. California’s marketplace, named Covered California™, will offer millions of Californians a variety of health insurance plans available for purchase. We are always here to help, just give us a call.