Archive for 'Blog'

Working for a Company – Obamacare

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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 ...

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Insurance Not Offered at Work

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The following are cases where the employer doesn’t offer health insurance or you are self-employed

Single without dependents

This could be a beneficial scenario for you. If you don’t have insurance and if your 2012 profit and MAGI is over $15,856 and under $45,960 you may qualify for government help to get insurance through an Exchange. Most can find the income amount on the bottom of page 1 of your 2012 Tax form 1040. For a few there will be some additions and deductions to arrive at it. Check out this document for the details. If your MAGI is under $15,856 go to this scenario. So let’s say your MAGI is $28,000 and you are 40 years old. Having that income means that you are at 244% of poverty level and you qualify for $1,048 credit per year. If you get a Silver plan you will pay ...

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Income Below Minimum

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Income below the minimum threshold – either single or married

If your 2012 income was under: $15,856 for 1 person household, $21,404 for 2 people household, $26,951 for 3, and $32,499 for 4 people household then you could qualify for a different type of assistance: Medicaid (Medi-Cal in California). Medicaid was expanded to reach more people and people without dependents. Not every state adopted this change. California is one of the states that expanded the coverage of Medi-Cal and this could be very good news for people with lower income. You should look into this further! The minimum income goes up by $5,547.50 for every additional dependent.

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Premium Assistance Credit and Calculation

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Premium Assistance Credit and Calculation

This is the portion of the health insurance premiums that the government pays on your behalf. There are several factors that determine if you qualify for it and the amount you get. They are your household income (MAGI), and the cost of the second level (Silver) plan for you. The cost of the silver plan is based on your age and location and the insurance companies set the price. The good news is that having a pre-existing condition does not change the price. The price of insurance is greatly influenced by your age. If you and your spouse make 60,000 and you are both 30, you will get no credit and will have to pay about $390 per month for Bronze coverage. If you make the same money but you are both 50, then you would qualify for $280 credit per month, and would have to pay $345 per month to get Bronze coverage for both. ...

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Comment Test

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Content Test

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Content Test

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Related Post 2

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This Post is “related” to Related Post 1. You can do this by adding a Post Tag. This Post has no Featured Image.

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Related Post 1

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This Post is “related” to Related Post 2. You can do this by adding a Post Tag. This Post has no Featured Image.

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This Post Has Many Pages

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This Post Has Many Pages

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Feature Video

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