California No Medical Insurance Tax Penalty

Starting in 2020, California residents must either:

Have qualifying health insurance coverage, or
Pay a penalty when filing a state tax return, or
Get an exemption from the requirement to have coverage.

The penalty for not having coverage the entire year will be at least $750 per adult and $375 per dependent child under 18 in the household when you file your 2020 state income tax return in 2021. A family of four that goes uninsured for the whole year would face a penalty of at least $2,250.

The penalty will be applied by the California Franchise Tax Board. For information about the penalty, including the amount your family could owe for not having coverage, visit the Franchise Tax Board’s website and use their Penalty Estimator Tool.

Tab-Bottom

Monthly E-Newsletter and Benefit Advisor

We scour the web for straight-forward articles from reputable third-party sources (such as Kaiser, The Wall Street Journal & more) that address how the various topics of health care can have a direct impact on our clients. The newsletter includes several columns on current health news, health events and recognized health days. We send these directly to our clients.

We utilize both Facebook and Twitter to keep our clients and Associations up to date on the most important developments in the health care marketplace and to communicate topics of interest that can have a direct effect on health and health care coverage.

*The E-Newsletter can be copied & pasted for inclusion on Association websites and/or electronic correspondence to Association Members.

Employer Groups

The health insurance marketplace is very dynamic and constantly changing. The Benefits Store utilizes the latest options in program design to meet both your budget and your employee’s health needs. We partner with technical online platforms (including Quotit) for fast turnaround and enrollment in the bidding cycle.

Covered California

Benefits Store and California’s Health Exchange – Covered California (Covered CA)

Our firm has multiple Brokers that have successfully completed the Covered CA licensing requirements and are certified to assist consumers with the navigation and enrollment process into California’s Health Exchange. The process can be complicated for consumers doing this on their own, as well as choosing the best plan for themselves and their family. Since there is no discount/price savings for clients enrolling on their own, it is usually advisable to have assistance from a Benefit Store Broker in this process.

We have a dedicated section that is an educational and information resource for individuals needing clarification on Covered CA issues for the self-employed and small businesses. It addresses many of the questions we have been getting from Californians and even provides a subsidy calculator. Go to the Covered California page.