Frequently Asked Questions
1What are the penalties if I didn't have health insurance in 2014?
For the 2014 tax year, you’ll pay the greater of these two numbers: A. 1 percent cent of your household income above $10,000, up to a maximum of $2,448 per person; or B. $95 per adult and $47.50 per child, up to a family maximum of $285.
2What are the penalties for an individual or family not having health coverage in 2015?
In 2015, the penalty is going to be 2 percent of your household income or $325 per adult and $162.50 per child up to a family maximum of $975.
3How much does it cost to use Magoon & Associates?
Using the experts at Magoon & Associates to determine the best ACA plan for you, your family or your group plan will not cost you anything additional to your insurance.
4When can I sign-up for insurance for 2016?
For 2016 coverage, the Open Enrollment Period is November 1, 2015 – January 31, 2016. People may qualify for Special Enrollment Periods allowing them to enroll outside of Open Enrollment if they have certain life events, like getting married, having a baby, or losing other coverage.
5What is the penalty for a small business not having ACA-compliant Group Healthcare coverage?
The ObamaCare Employer Mandate / Employer Penalty, originally set to begin in 2014, was delayed until 2015 / 2016. ObamaCare’s “employer mandate” is a requirement that all businesses with 50 or more full-time equivalent employees (FTE) provide health insurance to at least 95% of their full-time employees and dependents up to age 26, or pay a fee by 2016. If an employer owes the fee because they didn’t cover workers, it’s a flat $2,000 per full-time employee (excluding first 30 employees)