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Covered CA/Health Insurance 2020

CMJK 0 845

 

Open enrollment will be closed on 1/31/2020


MiJeong Kim

Lic# 0i34357

(619) 871-5891


NEW: Franchise Tax Board Launches Penalty Estimator 

 

Starting this year, all California residents must have health insurance or pay a penalty. The California Franchise Tax Board (FTB) has launched the individual mandate penalty estimator to help consumers calculate the penalty they may owe if they go without qualifying health coverage in 2020. This online estimator can help you reinforce with your consumers the importance of having health insurance coverage this year.

 

We shared a penalty fact sheet with you in November 2019, which you may also share with your consumers. As a reminder, there are two methods of calculating the penalty, and a household will pay* whichever calculation yields the larger penalty:

 

1. A flat amount based on the number of people in the household - $695 per adult and $347.50 per dependent child, up to an annual max of $2,085 regardless of household size.

 

2. A percentage of the household income - a penalty of 2.5% of all gross household income over the tax filing threshold.

 

*Some consumers may not have to pay a penalty if they qualify for an exemption.

 

 

 

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