It’s a Deadline Day for Californians to get low cost health insurance
The Affordable Care Act, also known as Obamacare, is one of the more politically charged stories of the last few years. But one thing is certain for Californians that qualify for subsidies — they’re not about to turn down free money when it comes to their health insurance.
Especially if that means they can avoid being hit with tax penalties in the process.
People that were not covered by health insurance in 2014 could be subject to a maximum penalty of approximately $2,500, with rules that decrease or eliminate the penalty as income levels decrease.
“Now that the Affordable Care Act has a few years under its belt, we’re finding that folks are starting to ask questions about what’s in it for them,” said Jacqueline Turrubiartes of ABIS Insurance Solutions, a local health insurance brokerage.
“Most importantly, they’re saying ‘why should I pay this penalty when I can avoid that and maybe even get a break on the cost of my plan.”
Because of the creation of Obamacare exchanges, Turrubiartes says that the market has dramatically changed as insurance companies jockey for position in an evolving market.
This has given health insurance purchasers, whether they are individuals or businesses, a rare chance to save big money this year.
“If you qualify for subsidies, you can see the cost of your insurance drop dramatically and some people — especially young people — are finding that they might qualify for government-paid programs like Medi-Cal,” said Turrubiartes. “Older purchasers have a cap on premiums now. Businesses are taking advantage of new rules that help them out, so even if you have health insurance in place it’s wise to take a quick look at it to make sure you’re not missing out on big savings.”
The political question of whether or not the Affordable Care Act is working is a loaded question, said Turrubiartes.
“This is being funded by the government so this isn’t exactly a free giveaway, but in our line of work we tend not to look a gift horse in the mouth.”
Editor’s Note: You can reach Jacqueline at (916) 550-9507 or visit www.insurancecoveragecalifornia.com.
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