8 things Accountants Need to Tell Clients

8 Things Accountants need to tell their Clients about Health Reform

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.

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

[email protected]

Trout Insurance is an Independent Insurance Agency Based in WNC.

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“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or call 1.800.Medicare to get information on all of your options.”

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.”

Effective June 28, 2024; Jessica Cody & Jeremy Sheridan are no longer associated or appointed with or through Trout Insurance Services, Inc.
They may be reached at 828-713-8640 – Cody, 828-606-7994 – Sheridan.

This is an amiable separation and they have our confidence they will continue to act as the professional agents as they have demonstrated over the years with TIS. Our agreement includes provisions that they will retain the agreed policies which they previously directly managed under the Trout Insurance agency license. They will be initiating “Agent of Record Transfers “ to their new agency and /or insurance companies and we will honor those requests. Until those transfers are effective, Trout Insurance retains the fiduciary responsibility under our North Carolina Department of Insurance license & obligations to service your policy. Our commitment is to do so in a polite, effective and efficient manner.

Please send any and all requests and questions to this designated email address: [email protected] or call 828 – 519-5218. these are monitored daily. Please allow three working days for our response and resolution. Please further note that policy changes may not be changed or bound via voicemail or merely email. Per insurance regulations, a licensed agent appointed by that company must make the change.