Many of you might not be aware of the significant financial penalties for not having health insurance in California. For 2023, the state has set penalties at a minimum of $900 for adults and $450 for each dependent child. This amount could increase to 2.5% of your household income over the filing threshold, if that calculation results in a higher figure.
For couples and families, these penalties can add up quickly. A couple without insurance could face penalties of $1,800 or more, while a family of four might be looking at over $2,700 in penalties. There is a bit of relief with a grace period allowed for gaps in insurance of up to three months.
As an insurance agency, we are here to help you navigate these requirements and find a health insurance plan that suits your needs, ensuring you are covered and can avoid these steep penalties.
For more detailed information on the California health care mandate penalties, please visit California’s FTB site.