Covered CA and Obama Care Act

As it is well known the Obama Care Act mandates to all american residents to have a health insurance starting in 2014. And here we have some useful suggestions to get in compliance.

– Make sure you, your spouse (if married) and your dependents have health insurance coverage since people that don’t have at least the minimum essential coverage will be subject to a penalty fee of $95.00 per adult and $47.50 per child or the 1% of your adjusted gross income minus your filing status threshold whichever is higher.

– Also please keep in mind that if you obtained the insurance through the market place you will receive a form 1095-A and you will need to provide it to your income tax preparer to see if you are subject to get the Premium Tax Credit (which is refundable) or otherwise to get an adjustment if your income was higher than the amount stated as your projected income at the time of your Market Place (Covered CA for California residents) application.

– Tax payers that were insured by their employer or were covered by Medicare or Medical might or might not receive the forms 1095-B or 1095-C since it is not mandatory for employers to issue it this year. However, they need to bring proof of insurance such as your benefits card and/or insurance policies.

If any questions please feel free to give us a call at (831)677-3565 or toll free number (855)218-0929