Effective January 1, 2020, California residents must obtain minimum essential health care coverage to avoid the new California individual health care mandate penalty enacted by SB 78 (Ch. 19-38). Generally speaking, an individual who fails to secure coverage will be subject to an annual penalty of $695 or more when they file their 2020 California tax return.
Covered California will be accepting applications for health care coverage from October 15, 2019, through January 1, 2020. Also, let your clients know that California subsidies will be available for individuals and families with incomes up to 600% of the federal poverty line (federal subsidies are available for up to 400% of the poverty line).
People may sign up by going to:
Attend Spidell’s Federal and California Tax Update Seminar and get detailed coverage of California’s new health care mandate, including who qualifies for an exemption and how subsidies will be handled. Click here for more information on the seminar, or see below for a list of locations.