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Affordable Care Act Part 4 - A.C.T. Services Inc.
Affordable Care Act Part 4
Part 4: Cost of Insurance Through the Exchange
WATCH VIDEO – AFFORDABLE CARE ACT, PART FOUR
I’m back again this month to share Part 4, the final installment of the Affordable Care Act series. If you haven’t seen the first three articles in the series, be sure to check them out (in the links below), as they answered the most frequently asked tax questions of 2016.
The final part of my series answers the questions, “How much will insurance cost me through the exchange?” and “What if I can’t afford the premiums?”
How much will insurance cost me through the exchange?
The cost of health insurance coverage through the exchange depends upon several factors, such as:
How many family members the plan covers
If you make below a certain income, you could qualify for a subsidy, which would make your premiums very low or even free.
The law is relatively generous with subsidies for qualifying taxpayers who have an income level between 100 to 400 percent of the federal poverty level:
Individuals = Between $11,880 and $47,520/annually
Family of four = Up to $97,200/annually
There are also subsidies available for deductibles and co-payments for people who have an income level that is less than 2.5 times the poverty level:
Individuals = $29,700/annually
Family of four = Up to $60,750/annually
These subsidy amounts are based on your modified adjusted gross income and include your wages and interest income. Those amounts are then reduced by certain deductions such as tuition and self-employment taxes.
As with most things in life, you do get what you pay for, so buyers beware and shop carefully. The cheaper the plan, the higher the deductibles and other out-of-pocket costs associated. Also, you’ll want to check the limited list of doctors and hospitals covered in the plan before you register.
Visit healthcare.gov to learn more and enroll for coverage.
Affordable Care Act Series:
Part 1 – Individual Shared Responsibility Payment
Part 2 – Exemptions for the Penalties
Part 3 – The Health Insurance Exchange
Blog, Uncategorized accounting, affordable care act, healthcare, Insurance, obamacare, subsidies
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