Premium Tax Credit The premium tax credit, or PTC, is a refundable credit that helps eligible individuals and families with low or moderate income afford health insurance purchased through a Health Insurance Marketplace.
Cost Sharing Reduction A discount that lowers the amount you have to pay out-of-pocket for deductibles, coinsurance, and copayments. You can get this reduction if you get health insurance through the Marketplace, your income is below a certain level, and you choose a health plan from the Silver plan category.
Tax Penalty If you can afford health insurance but choose not to buy it, you must pay a fee or have a health coverage exemption. (The fee is sometimes called the â€œpenalty,â€ â€œfine,â€ â€œindividual responsibility payment,â€ or â€œindividual mandate.â€)
What is the Tax Penalty for 2016? The annual fee for not having insurance in 2016 is $695 per adult and $347.50 per child (up to $2,085 for a family), or itâ€™s 2.5% of your household income above the tax return filing threshold for your filing status â€“ whichever is greater.
Is the Process Complicated? It can be. There are approximately 100 different plans with multiple networks of physicians, clinics and hospitals to choose from. Using the services of a certified broker can greatly reduce the time you will spend trying to navigate through all of the options available to youâ€¦..and using a broker doesnâ€™t cost you anything or increase the cost of the insurance policy.
Top 5 reasons to
use a broker
Cost We donâ€™t charge you for our services
Ease Let us do the legwork with your help
Speed We will help you navigate through all the different plan options
Peace Of Mond We will uncover all the options available to you making sure your choices are also based on your need and what you can afford
Security of Personal Data Rather than asking you upfront for all your private information online, we would prefer to talk or meet with you in person. A good broker provides you with that extra human touch.