Submitted by Tom Piete, Health/Benefits Committee, August 19th 2015
Tax Credits or Subsidies
Health Insurance Policies purchased through the state or federal exchanges may qualify for tax credits or subsidies on the monthly premiums (essentially lowering the monthly premium) if family income is under four times the national poverty level. Rates are age banded so premiums for younger people are lower and increase with age. There are four levels of coverage available ranging with co-pays from 60/40 to 90/10 and annual single deductible ranging from $5000 to as low as $1300 per individual covered.
Required Health Insurance
Included in PPACA are penalties for individuals who fail to have credible health insurance coverage. The fee in 2016 will be 2.5% of income or $695 per person, whichever is higher. If you’re covered by any of the following, you are considered covered and don’t have to pay a penalty:
Any Marketplace plan, or any individual insurance plan you already have
Any employer plan (including COBRA), with or without “grandfathered” status
This includes retiree plans like IRMP, and Medicare.
How to Sign UP
In each state there will be several ways for you to select a plan and sign up for coverage. You can do it yourself through the state or federal exchange web site or you can get the help of a licensed health insurance agent.