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Bultman Financial Services can help you make sound, informed decisions about issues affecting your health insurance needs. Our philosophy is to fully understand your objectives and then translate them into solutions that provide assurance and peace-of-mind.
Health insurance has changed significantly since January 1st, 2014. Here are some important points to know:
Affordable Care Act: The Patient Protection and Affordable Care Act was signed into law in March 2010.
• Coverage is guaranteed. No one can be denied or charged more for a pre-existing condition.
• Virtually all Americans are required to enroll in health insurance or pay a tax penalty.
• Federal tax credits are available to make health insurance more affordable.
• Virtually all consumers shopping for individual or family health coverage must enroll during a national open enrollment period.
Open Enrollment Key Dates:
Nov. 1, 2015: Open enrollment for 2016 health coverage begins.
Dec. 15, 2015: Last day to enroll in a health plan that takes effect on Jan. 1, 2016.
Jan. 31, 2016: Final day of open enrollment.
Tax Credits and Cost-Sharing Reductions:
Advance Premium Tax Credits: Consumers who qualify can choose to receive advance payments of the tax credit to lower their premium costs each month or receive the entire credit with their annual tax refund. Eligibility is primarily determined by household income and household
• $11,490 to $45,960 for individuals
• $23,550 to $94,200 for a family of 4
Cost-Sharing Reductions: Consumers who qualify for a tax credit may also qualify for Cost-Sharing Reductions. Eligible consumers will be able to save on out-of-pocket costs such as deductibles, copayments and coinsurance.
About the Tax Penalty: Under the Affordable Care Act, virtually all Americans are required to purchase health insurance or pay a tax penalty. The penalty is sometimes referred to as the “individual mandate” or “individual responsibility payment.”
• In 2015, the penalty is 2% of income.
• In 2016, the penalty will increase to 2.5% of income.