Received A Health Insurance Tax Penalty? Here’s Why!

Received A Health Insurance Tax Penalty? Here's Why!

Understanding ACA Rules & Regulations

Tax season is finally over – phew! However, if you were one of the many individuals who were faced with a tax penalty for not obtaining health insurance it is time to buckle down so that you can avoid any charges next year. We understand that you may have been left in the dark with new rules set forth by the Affordable Care Act (ACA), which is why we hope these helpful tips assist in clearing up any unclear areas:

  • As of January 1st of 2014, every American must obtain health insurance as stated by the Affordable Care Act (ACA). Obamacare allows Americans to obtain health coverage through employer-sponsored plans, private plans, the new federal and state marketplaces, and government programs such as Medicaid and Medicare.
  • There are premium tax credits and financial assistance available to individuals who either cannot purchase health insurance through the new marketplaces or are restricted from access to an employer-sponsored health insurance policy. To determine your eligibility, you will need to discuss your particular financial situation with an experienced health insurance agent, such as the knowledgeable professionals at CorMarc Insurance Services!
  • If you fail to obtain coverage despite Obamacare rules for three or more consecutive months, you will be faced with a tax penalty. These penalties often exceed or inch towards the amount you would have to pay for actual coverage that you deserve.

If you have any difficulty navigating the new world of health insurance, please do not hesitate to give us a call. We will help you avoid tax penalties set forth by the Affordable Care Act. Contact CorMarc Insurance Services in Murrieta for all of your California health insurance needs. Your needs are our top priority and we will go above and beyond to ensure your security.