In many scenarios it is fairly easy to make a decision but the following is very intricate.
Working for a company: It is very important to know if your or your spouse’s employer offers a health insurance plan through work. If they do – you may not qualify for subsidies at all, even if your income is low. You have to consider the employer’s offer first before going to an exchange. There are 2 components of insurance through work: 1- it has to provide minimum acceptable coverage equal to the “bronze” plan and 2 – it has to be “affordable” – calculated as cost being less than 9.5% of the HOUSEHOLD income. Affordability is based on the amount you have to pay from the salary for YOUR coverage only. It does not apply to the additional cost for your dependents. Also the percentage is based on the income for the WHOLE family including your spouse’s.
So if in your family of 4 ...Read More