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Healthcare PlanAs most Americans are now aware, the ACA requires that all individuals must have health insurance or incur penalties and fines. These penalties are “levied” by the IRS and will be accounted for on each individual’s tax return. Employers are required to submit reporting forms as well. So, if you are covered by an employer sponsored plan, you will receive a form 1095-C that shows that coverage was made available, to you and what type of coverage that might have been. The penalty for not having coverage in 2016 is $695 per adult and $347.50 per child or 2.5% of adjusted gross income, whichever is higher.

For those individuals who are not covered by an employer group plan, or some other qualified coverage, Medicare, Medicaid, VA or Tri-Care, etc., the open enrollment period for 2016 ends on January 31, 2016. You will be unable to obtain individual coverage after that date UNLESS  you experience a “life changing” event. Those events are birth, marriage, death, loss of coverage, etc.

For individuals who may qualify for a subsidy, you are not eligible for a subsidy if your employer offers a qualified health insurance plan. Once again the IRS will have all of the reporting data and will be able to track down these individuals who fall into this category. And if that occurs, the IRS will expect repayment of any subsidy amounts that you may have received and were not eligible for.

These are only a few points that may impact you as you try to remain in compliance with the law. Should you have any questions, please feel free to call us at CSP Insurance Services at 843-519-2557 and we will be happy to assist you with a South Carolina health insurance quote.


Lawson Walker
Contact Lawson Walker
Call: (843) 468-9718


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2420 Hoffmeyer Rd, Suite D | Florence, SC 29501
| Ph: 843-519-2557
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