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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

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8:30am-6pm & 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
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Trout Insurance is a Full Service Independent Insurance Agency Based in WNC. 
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  • Coverage
    • Home & Auto Insurance
    • ACA-2021
    • Health Insurance 2021
    • Medicare
    • AARP - Hartford
    • Life Insurance
    • Income Protection >
      • Disability Insurance
      • Long-Term Care
      • Critical Illness
      • Annuities
    • Dental, Vision, Accident
    • Health Insurance 2020
    • Employee Benefits
    • Business Owners >
      • Employee Benefits
      • 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
    • Jennifer Trout
    • Jan Trout
    • John Phillips >
      • JP Landing
    • Steve Dillingham
  • Reviews
  • Resources
    • Insurance Partners
    • Lost Subsidy
    • 2019 Verification-a
    • Renewal 2020
    • Privacy Policy
    • BCBS Online Setup
    • APTC Income 2021 & Tax Form 1040
  • Community
    • Music on Main
    • Manna Fundraiser
    • Western Women's Business Center Conference
    • Mural on Main Street
    • Expanded Team- Next Generation
    • Back to School
    • Weaverology
  • Blog
  • Contact Us