The federal poverty level varies based on the number of members in your household. Under the ACA, you only have a set amount of time each year to sign up for health insurance. This means that you must estimate your income when applying for subsidies. 303 E. Woolbright Rd., STE 273, Boynton Beach, FL 33435. In short, the ACA holds insurers accountable for their actions and gives you more rights as a consumer. The below chart reflects those income qualifications. Speak with an Agent 1-800-920-4994 For Health Quotes The average subsidy was worth $291 a month. As previously explained, the tax credit is designed to reimburse families for the insurance-related out-of-pocket costs tendered throughout the year for things such as deductibles, co-pays or coinsurance payments. All of this information is further explained in very clear terms in this article. HealthMarkets can help determine if you qualify and get you enrolled in a plan today. We have licensed agents to help you find insurance plans in every state that meet your needs and budget. Many people took issue with different sections and requirements of Obamacare and many federal lawsuits were filed challenging whether President Obama could require every American citizen to get health insurance Ultimately, in June 2012 the Supreme Court of the United States ruled on two lawsuits and decided that the law could penalize people who did not follow the law with a tax and that the law could not require the states to expand the eligibility requirements of Medicaid. These groups of people are: There are a lot of examples of a “hardship”, which is the last group of people that do not have to get health insurance listed above. One good source for meeting all your insurance coverage needs is eHealth. They limit the amount you pay in monthly premiums to a percentage of your annual income. The Obama Administration realized that many families simply could not afford insurance coverage and so they wrote two provisions into the law to help ease that burden. Outside of this period, you’ll be assessed a fee known as the . In offering this website, HealthMarkets Insurance Agency is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220(c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. What Is Obamacare? The average article on a top 10 news website will have approximately 200 comments left by readers if it is an average story and not connected to a hot button issue. We’ll make it easy. Simple, when people are angry about something they don’t really understand, they keep coming back for more. Many of the exemptions can only be applied for during tax season. The fee is prorated based on the number of months that you didn’t have coverage for the year, minus three months. I'm a supporter of ACA despite the trappings of ever bigger government running our lives because disease and accidents do not discriminate between rich or poor. If you are not insured for three months or less you will not be taxed. This can either be done directly on Healthcare.gov or you can work with a licensed insurance broker who will help you fill out all of the paperwork. While you can shop through eHealth to select a plan, the subsidy comes through the government-run marketplace. The good thing is that every health insurance company who wants to be in business must offer their customers plans that cover certain things. Now that you know why you need insurance, what your insurance policy must offer you, what it will cost to get insurance and how to receive financial help, you need to understand the consequences of not obeying the law. If you enroll in health insurance through your job, then you’ll follow your company’s enrollment guidelines, which may differ from the national sign-up period. The second type of federal help that is available under the ACA is the tax credit. Instead, you’ll be redirected to the appropriate website for those specific applications. We explain them here. Countdown to the 2021 Medicare Enrollment Deadline, HealthMarkets is “Your Insurance Marketplace”, Get Free Help This Medicare Enrollment Period, iy_2020; im_11; id_25; ih_03; imh_24; i_epoch:1.60630346248E+12, py_2020; pm_11; pd_24; ph_09; pmh_01; p_epoch:1.60623730352E+12, bec-built-in; bec-built-in_1.0.1; bodystr, pn_tstr:Wed Nov 25 03:24:22 PST 2020; pn_epoch:1.60630346248E+12, https://www.healthmarkets.com/resources/health-insurance/obamacare-premium-subsidy/. . Another way to sign up for health insurance is to connect with a licensed insurance agent or broker who can help you sign up for a health insurance plan on the Marketplace or with a private insurance company and can give you advice about the protections offered. You’re eligible for a premium reduction if your income falls between 100% and 400% of the FPL. This article was last updated on November 2017. This website is privately owned and all information and advertisements are independent and are not associated with any state exchange or the federal marketplace. For families/households with more than eight people, add $4,480 for each additional person. In order to make the process of managing your insurance bill every month a little easier, the federal government will send your insurance company their part of the bill directly each month and then the insurance company will bill you directly for the remainder. HealthMarkets can help you through the process with our free service. Since most people don’t know what the FPL is, this can be a bit confusing. The benefit of offering different coverage levels is that a person on a certain budget may be able to get a slightly better insurance policy after the federal subsidy is applied or they may opt to save their money and stick with a lesser plan to keep more money in their pocket. If think that you fit into one of these groups of people you will need to fill out an application for an exemption from the law and will need to wait for the government to review your situation and approve the exemption in order to know that you do not need to get health insurance. If you do not have health insurance from your employer and do not qualify for an exemption, you must get health insurance. Unfortunately for those who don’t buy insurance, the fee will increase with inflation each year. The number of people who signed up for a health insurance plan through a federal or state exchange decreased 2.6 percent from 2018 to 2019, according to the final open enrollment tally released by the Centers for Medicare and Medicaid Studies (CMS) on March 25. The Obamacare Act understands that many people may be hesitant to get insurance and to comply with a law that is so new to them, which is why the tax for violating the law for the first year (2014) is the smallest tax. HealthMarkets can verify your eligibility, find plans, and get you enrolled. Medicare has neither reviewed nor endorsed this information. These representatives are probably not licensed insurance brokers so they cannot give you advice on the different policies available to you. The short answer is that yes, almost everyone must make sure that they have health insurance either through their job or that they have signed up for health insurance on their own by the deadline each year. Under the ACA, you can’t be denied health insurance due to a pre-existing condition, and men and women will pay the same rates for the same services. You can connect with a licensed insurance broker through this website either by calling one of the toll-free numbers published on the website or by using the Get Assurance™ agent communication tool . This basically means that anyone who makes under 100% mark or $11,670 will get Medicaid and will not need help from the federal government to pay their insurance bill. In addition to exemptions for things like religious preference and incarceration, some people will be exempted from the individual mandate due to hardship, which includes situations like: If you qualify for an exemption from the mandate or you think you might, make sure to apply. Sales agents may be compensated based on a consumer’s enrollment in a health plan. Call us 24/7 at (800) 304-3414 or Find an Agent near you. You can earn between 100 and 400 percent of the FPL and qualify for assistance. This is a good thing because you can now know that your money is paying for a lot more coverage than it used to. If you are ready to begin comparing plans, check out all of your individual and family health insurance options with eHealth.