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Crosby & Henry

Risk and Insurance Solutions Since 1858

590 Cascade W Pkwy SE
Grand Rapids, MI 49546
(616) 942-5480

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Health Care Reform

What's in the news today? There is always something new on the Affordable Care Act!

How Does the Health Care Reform Law Affect You?

The answer varies greatly depending on your income, who you work for, and many other factors.

Beginning in 2014, every individual must either have health insurance that meets minimum standards of coverage or pay a penalty when filing tax returns. The penalty in 2014 is 1 percent of your yearly income or $95 per adult for the year, whichever is greater. For children, the penalty is $47.50 per child, up to a $285 maximum per household. The penalty increases every year. In 2015, the fee will be 2 percent of income or $325 per person, whichever is greater. In 2016, it will be 2.5 percent of income or $695 per person, whichever is greater. After 2016, it will increase with inflation. Those who choose to pay the penalty and remain uninsured will still be responsible for 100 percent of the cost of their medical care. While the penalty applies to the vast majority of Americans, there are certain exemptions.

We have many tools at Crosby and Henry, Inc. that will help determine answers to your healthcare reform questions. For more information on how health care reform may impact you and your employees, please contact our office.

Crosby & Henry

Risk and Insurance Solutions Since 1858

590 Cascade W Pkwy SE
Grand Rapids, MI 49546
(616) 942-5480

ESOP Logo