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Welcome back Blake Odin with alliance and associates insurance joins us now to talk about some upcoming deadlines that you need to know about and changes in Obamacare as well thank you again for coming in tell us what's what to do this year I know we have the penalty tax yea the penalty is definitely changed this year it's 695 dollars per adult three hundred and forty-seven dollars and fifty cents per child or two and a half percent of your income which whichever is greater okay and this is just this is just sort of an overall you're about ready to pay a lot now this is the one I kind of want to show and this is what he's talking about if you can look at your screen you can see it right there in 2015 which was all of last year per adult the fee was three hundred and twenty-five dollars it is going up to six hundred and ninety-five dollars per adult per child last year it was one hundred and sixty-two dollars per child this year coming up three hundred forty-seven dollars behind two thousand and eighty-five dollars explain how that breaks down to the normal family while they see this we know it's just based off a family size, so really it takes you it takes into account how much somebody makes in comparison to two to their family size, so it's all it's all based off the federal poverty level which are showing right now so it within that that range for a single person okay I don't understand that okay so for a household of one or two you've got the other 100 percent that's the federal poverty level right that's 11 thousand, so then explain the four hundred percent so basically in between 100 and 400 of the federal poverty level that is the range of income that that qualifies somebody to get a government subsidy which what most people don't realize is eighty-five percent of the population is eligible for some type of assistance because these plans are so expensive we hear that a lot they need to be aware that most likely they're going to qualify for some sort of assistance to bring that cost down now if someone qualifies for this kind of assistance because let's say for example they basically it's going to be looked at as a discount off the plan and so basically though they're just going to pay a lower premium per month for their insurance plan and the government will pick up the rest and pay the insurance company the that the big problem is that a lot of people a lot of people are not experienced in the Affordable Care Act, so they might give themselves or an agent might give them more of a subsidy than there are qualified for or less of a subsidy, so it's very, very important to make sure you're with somebody who's experienced to who puts you in the right in the right place if you take too much of a government subsidy you might be happy that you're paying a lower premium if you're going to be very upset at the end of the year because going to be paying all of that back because you were not qualified for it, so it's its a common problem that we...
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