The 2016 Bronze, Silver and Gold Plans carry out-of-pocket maximums from $6200 to $6500 for an Individual and double the amount for a Family! For 2017 this amount will be even higher, as it is proposed to be $7150 for Individuals. Most of us will not reach this amount. However, you might reach the Out-of-Pocket Maximum, if you experience an accident or a critical illness.

There are various insurance carriers who are offering affordable supplemental insurance to help you cover the gap, starting as low as $ 25 a month. For a free quote contact me or check out this link.

In comparison to 2015, the tax penalty for not carrying health insurance will be higher. For 2016 It will be roughly 2.5 % of your household income or $ 675 per adult and $ 347.50 per child, whichever figure is higher. For an entire family it can be up to $ 2085 or roughly 2.5% of the family's total income. Added to this expense is the risk of not carrying  health insurance. 

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 Please pay attention to your mail. In the next few weeks Californians who enrolled in Covered CA in 2015 will receive the 1095-A tax form, also known as the Health Insurance Marketplace Statement.It is handled like W-2 and 1099 tax forms, which report various types of income. The 1095 tax form-A will give you information about your health insurance coverage from Covered California. It will list your basic personal information, the health insurance start and end dates and the information of your insurance company.

The Part 3 of the form lists, by month details of the payments you contributed and the subsidy you received. When preparing your taxes for 2015, your tax specialist will use the information of the 1095-A form to prepare the tax form 8962 (the premium tax credit form) in which the tax credits are reported to the IRS.I encourage you to consult with a tax accountant specialist who will help you navigate through the new tax forms.  

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