CSP Insurance Services Home Page
Alternate Content
Commercial Personal Life & Health Real Estate Get A Quote

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, CIC
Call: (843) 468-9718

Read more articles by Lawson
Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2012

View Mobile Version
CSP Insurance Services |
2420 Hoffmeyer Rd, Suite D | Florence, SC 29501
| Ph: 843-519-2557
Facebook Twitter LinkedIn Google+ Blog RSS Feed