INDIVIDUAL FAMILY PLANS (IFP) CALIFORNIA
Individual Family Plans covers Health Insurance for Individuals & Families
- Individual Health Insurance Plans offer coverage to single, self-employed people, people between jobs, unemployed people, students, and retirees who aren't yet eligible for Medicare Health Insurance benefits.
- Family Health Insurance Plans cover two or more family members, on one Health Insurance Plan.
- A Health Insurance Plan's deductible and out-of-pocket maximum are based on whether you have an Individual or Family Plan.
- For an Individual Plan, you will be responsible to reach one amount to cover the deductible, and one additional amount to cover the max-out-of-pocket.
- The deductible and out-of-pocket maximum for a Family Plan is usually double that of a comparable Individual Plan.
- However, once the financial responsibility is met, meaning the deductible and max-out-of-pocket, on the Family Plan, and let's say there are 3 or more family members covered on this plan, there is no additional added-on deductible, or max-out-of-pocket to meet for the additional family member(s) for that year.
- This way, it is more cost-effective for the family to be on a one-and-the-same Health Insurance Plan.
- Benefits covered on the Individual Plans are the same as are covered on the Family Plans.
- Prescription Drug Coverage is included in both Individual and Family Plans.
- Deductibles may apply depending on which metal level of coverage you choose.
- Children are covered for Dental & Vision, included in their coverage, up until the age of 19.
- Adults would need to buy separate coverage for Dental and Vision.
- We Provide Qualified Guidance at No Cost to Our Clients
NEW CALIFORNIA STATE LAW AS OF JANUARY 1, 2020
EFFECTIVE JANUARY 1, 2020, ALL CALIFORNIA RESIDENTS ARE REQUIRED TO EITHER:
- Obtain and keep qualifying health insurance coverage
- Or request and prove exemption from the requirement to have coverage
- Or be required by law to pay a penalty when filing their state tax return
WHAT IS REQUIRED TO AVOID A PENALTY?
Beginning on January 1, 2020, to avoid a penalty, you must have qualifying health coverage for each month of the year for:
- Yourself
- Your spouse or domestic partner
- Your dependents
Many people may already have qualifying health insurance coverage, for example through:
- Employer-sponsored plans
- Coverage purchased through Covered California or directly from insurers
- Medicare
- Most Medicaid plans
INDIVIDUAL SHARED RESPONSIBILITY PENALTY ESTIMATOR
The State of California Franchise Tax Board created a Penalty Estimator Calculator, which is a tool for you to estimate the penalty you may owe if you do not have health care coverage. To get an accurate penalty amount you may click the button below here: