Starting on January 1st, 2014, all United States citizens are going to be required to have health insurance coverage under the Affordable Care Act. Many people who currently do not have any insurance coverage are up in arms about this new law, because they do not fully understand the changes and what they mean. You might have heard some people stating they do not have the extra money to pay for their own insurance coverage. Here in California, one thing you are able to do is use our free online tax credit calculator. This application shows you what your insurance premium will be for the new Silver plan. For example, for a family of four, with children still under the age of 21, and an annual income of $33,000, the Silver plan estimate premium, after tax credits are applied, is $94.
You may have also spoken to some of your friends and family members, about the Affordable Care Act, and they told you they do not intend to get coverage. However, it is important for everyone to become more educated about these changes and how they will impact their financial situation. This is why we offer our free online calculator, so people in California are able to start determining their costs of insurance, now, before the changes take effect. People without any insurance coverage after January 1st could be subject to paying special taxes when they file their federal tax returns, which means their returns will end up being drastically reduced, and they might end up having to pay taxes.