This article is reproduced with permission from Spidell Publishing, Inc.
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). In general, 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, 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 www.coveredca.com.
For more information about this article, please contact our tax professionals at taxalerts@windes.com or toll free at 844.4WINDES (844.494.6337).