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8 Things Accountants need to tell their Clients about Health Reform

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Individual Mandate: Compliant Coverage

If they do not have “ compliant coverage “ in place -  they may face a penalty for 2016  tax year.  $ 695.00 for each adult tax filer, $347.50 per child (family  maximum of $ 2085.00)  OR – 2.5 % of MAGI -  whichever is greater.


For 2015 tax year,  these were  $ 325.00 per adult and $ 162.50  per child (up to $  975.00 per family) OR 2.0% of family income, whichever is greater.

The "Affordable" of Affordable Care Act

The “ Affordable “  of the Affordable Care Act (aka Health Reform, Obamacare )  provides a “premium discount “ paid directly to insurance companies to help middle income folks pay for the new plans. This is the role of Healthcare.Gov website -  to apply for the tax credits and apply that to the insurance plans.
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The ESTIMATE

Healthcare.gov or the Insurance Marketplace will ask for a ESTIMATE of income for 2016. This is the number used to calculate the premium discount. If this changes thru the year, we may contact the Marketplace to adjust the tax credit. This estimate will be reconciled with actual income reported for 2016 tax in 2017.
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Trout Insurance Services

Monday-Friday
9:00am-5:00pm & by Appointment


​Visit: 29 N Main St
Weaverville, NC 28787
     
Mail: PO Box 1414     
Weaverville, NC 28787  
Ph: 828.279.4681

Fax: 1.888.221.4842
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contact@troutinsurance.com
Privacy Notice Statement  | Privacy Policy
Trout Insurance is an Independent Insurance Agency Based in WNC. 
Trout Insurance is an independent authorized agency licensed to sell and promote products from Blue Cross and Blue Shield of North Carolina (Blue Cross NC). The content contained in this site is maintained by Trout Insurance. Blue Cross and Blue Shield of North Carolina is an independent licensee of the Blue Cross and Blue Shield Association. ®, SM Registered marks of the Blue Cross and Blue Shield Association.”
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  • Coverage
    • Home & Auto Insurance
    • Medicare
    • Income Protection >
      • Disability Insurance
      • Long-Term Care
      • Critical Illness
      • Annuities
    • AARP - Hartford
    • Life Insurance
    • Health Insurance
    • Dental, Vision, Accident
    • Employee Benefits
    • Business Owners >
      • Group Health Insurance
      • Commercial Property & Liability
      • Business Overhead Expense Disability
      • Disability for Business Owners
      • Critical Illness
    • Short Term Health
  • About Us
    • Our Story
    • Dave Trout >
      • DT Landing
    • Jessica Cody >
      • JC Landing
    • Jeremy Sheridan >
      • JS Landing
    • Robert Pugh
    • David Hanson
    • Jennifer Trout
    • Jan Trout
    • Steve Dillingham
  • Reviews
  • Client Center
    • Client Center
    • Resources >
      • Health Insurance 2022
      • Friday Health
      • Comparing 2022 Plans
      • Insurance Partners
      • Best Value Insurance Plans
      • American Rescue Plan
      • ARP Facts CMS
      • ARP Unemployment
      • ARP 2020 Excess Premium Subsidy
      • No Income Cap
      • Unemployment Glitch
      • Asheville Homesharing
      • 2019 Verification-a
      • BCBS Online Setup
      • APTC Income 2022 & Tax Form 1040
      • Lost Subsidy
      • Privacy Policy
  • Community
    • Alignment Health Plans
    • Health & Wellness Day
    • YMI Winter Coat Drive
    • Medicare Seminar
    • Art in Autumn
    • Goombay
    • Music on Main
    • Manna Fundraiser
    • Western Women's Business Center Conference
    • Mural on Main Street
    • Expanded Team- Next Generation
    • Back to School
    • Weaverology
    • Mother Earth Food
    • Find the Trout
  • Blog
  • Contact Us