Speak with an Agent 1-800-920-4994 For Health Quotes Before the law was passed, the country was already in the midst of a recession that was started by the housing crisis and Americans needed a break. If your income falls below the federal poverty level, you may not qualify for subsidies, but you are more likely to qualify for Medicaid. The period of time for 2015 is November 15, 2014 to February 15, 2015. Additionally, this website is not associated with, sanctioned by or managed by the federal government, the Centers for Medicare & Medicaid or the Department of Health and Human Services. In order to apply for financial help, a person must fill out an application through Obamacare for insurance. Medicare has neither reviewed nor endorsed this information. In other words, you need to have health insurance for at least nine months of the year to avoid the penalty. Middle and low-income families often worry about how they will afford health insurance. The following scenarios, among others, exempt you from the individual mandate: This list is not exhaustive, so check with the marketplace to see if you meet other conditions for avoiding the penalty fee. We want to set the record straight on the Affordable Care Act, starting with the law’s most important features. Updated for 2020 and beyond. Subsidies, also known as advance premium tax credits, make it possible for low- to middle-income people to pay for health insurance. We explain them here. Mental health and substance use services and treatments. Can I get Dental Insurance with No Waiting Period? Starting in 2014, any person who does not have health insurance for any period of time beyond three months will be taxed when they file their annual, personal income tax returns. Call us 24/7 at (800) 304-3414 or Find an Agent near you. HealthMarkets can help you through the process with our free service. Regardless of where you live, you can take advantage of federal subsidies available through the marketplace to make health insurance more affordable. They limit the amount you pay in monthly premiums to a percentage of your annual income. The bronze level would cost the least and would offer the least coverage and the highest deductibles and co-pays, the silver and gold levels are in the middle and the platinum level would cost the most but would also offer the most coverage and the best coverage in terms of deductibles and co-pays. 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. 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. 6 key facts you need to know about Obamacare. If you don’t sign up within your approved window, then you’ll have to pay the penalty fee for not getting coverage. While you can shop through eHealth to select a plan, the subsidy comes through the government-run marketplace. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. One very important reason that many families were uninsured and may continue to be uninsured, even though the  law now requires everyone to have health insurance, is money. The most that a person can make in order to receive financial help from the federal government is 400% of the federal poverty line. Both types offer the same services. In the 2019 and 2020 Open Enrollment Periods, approximately 87% of people who bought an Obamacare health policy received a premium tax credit. Outside of this period, you’ll be assessed a fee known as the . To see all available data on Qualified Health Plan options in your state, go to the Health Insurance Marketplace website at HealthCare.gov. Our quoting tool is provided for your information only. What is the Cost of Supplemental Health Insurance for Seniors? . Looking for something other than an Obamacare plan? HealthMarkets can help determine if you qualify and get you enrolled in a plan today. Now let’s get down to the real issue for most families: what does an insurance policy under Obamacare cost my family and I? All quotes are estimates and are not final until consumer is enrolled. Sources: Kaiser Family Foundation (2013). 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. Since most people don’t know what the FPL is, this can be a bit confusing. Why would so many news organizations do this? These different levels of coverage are called the bronze, silver, gold and platinum levels. How Can You Get 6-month Health Insurance? Your employer-sponsored coverage is too expensive. If you earn more than expected during the year, you may be required to pay back some or all the subsidy dollars that were applied on your behalf to your monthly health insurance premiums. Services to prevent, manage and learn about chronic diseases, Oral and vision care services for children. 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 . The tax-filing threshold is approximately $10,000. Sales agents may be compensated based on a consumer’s enrollment in a health plan. 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. You can also use the marketplaces to find out if you qualify for a government program like Medicaid or CHIP, but you can’t sign up for these programs using the exchange. The Affordable Care Act (Obamacare) is a potentially great way to help lower income individuals afford health care. If you are a single person making more than 400% of that amount ($51,040), you will likely not qualify for subsidies. The first thing we will outline is what it takes to get federal money to help you pay your insurance bill every month. Please note that these ranges do not apply for the States of Hawaii and Alaska. This statistic is confusing but generally equates to approximately $16,105 a year for a single person or $32,913 for a family of four. You will be taxed again for not having insurance in 2015 as well. Here is a quick overview of the Obamacare requirements that you must follow. What You Need to This concept is commonly referred to as a federal subsidy. Keep in mind the government makes the final determination on your eligibility for a subsidy. You may have heard that many people who buy health insurance on the federal exchange receive premium subsidies that reduce the cost of their policies. The term “yearly household income” may sound vague, but to determine that amount you only need to consider income above the tax-filing threshold. You can read more about these plans on the federal marketplace website. This concept is similar to the one used to determine whether a family or individual can receive financial help from the federal government to pay their monthly insurance bill. The Affordable Care Act (Obamacare) says that any person who makes between 100% and 400% of the federal poverty level may receive financial assistance to pay for healthcare. Most of the information disseminated in the media regarding the details of Obamacare is very confusing. To get Obamacare subsidies in 2021, your household must earn (in 2021) at least 100% of the 2020 federal poverty level. Obamacare Subsidy Eligibility Obamacare offers subsidies, also known as tax credits, that work on a sliding scale. If you do not have insurance for four months out of the entire year, you will only be taxed for four months of disobeying the law, which is a portion of the maximum tax that could be given under Obamacare. In order for Obamacare to work, people need to participate. Choosing the Best Medicare Supplement Plan. Will It Change In 2018? If you do not have insurance for three months or less, you will not be taxed because the coverage gap is just considered temporary. So that means more TV viewers, more online article readers and so on. 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. The deadlines are different for people who can get Medicare because they are over the age of 65 years old, receive Social Security or Railroad Retirement benefits or have a disease that qualifies them for Medicare.