Products Partners Blogs Contact Let's talk Eligible for ACA subsidies Nov 04, 2021 For the first time in open enrollment for 2022 health plans, people will have unprecedented access to premium tax credits. These new opportunities are a big step towards ensuring that Americans get affordable coverage and don't face restrictions when they need care most from their doctors! Consider Qualification of ACA subsidy if you are one in the groups of: Uninsured Non-ACA-compliant coverage buyer Off-exchange health plans buyer The one enrolled in on-exchange plans, individuals who haven't given income information to the exchange or haven't considered their options recently Uninsured: People who do not have any form of health coverage and do not qualify for Medicaid. These will be eligible for low-cost or NO-cost coverage in 2022. Many people do not have health insurance because they think it costs too much. But there are ways to get health coverage for free or very low cost. The Affordable Care Act (ARP) has made them more widely available. During the COVID/ARP special enrollment period this year more than a third of the people enrolled via HealthCare.gov for less than $10/month. As the subsidy rules have changed last year the uninsured should check them now. Non ACA-compliant coverage buyer: Non ACA-compliant coverage buyers are people who have insurance that is not compliant with the Affordable Care Act. People might be eligible for a premium tax credit, which lowers their monthly premiums or out-of-pocket costs related to health care. Here is some of the Non ACA-Compliant coverage plans: Health care sharing ministry plans Farm Bureau non-insurance plans Short-term health insurance plans Fixed indemnity plans Grand mothered plans (no longer for sale, but some plans remain in effect) Grandfathered plans (no longer for sale, but some plans remain in effect) Direct primary care (DPC) memberships Discount plans One of the key reason people try to keep these plans is ACA-compliant coverage consideration to be out of reach. The other can be the reason people choose Non ACA-Compliant coverage is because ACA-compliant coverage doesn’t fit in their budgets. These may include three type of clusters: High income cluster Family glitch affected cluster Minimal subsidy Qualified cluster Yet For 2022 ARP has clearly stated: Removal of income restriction for subsidies Increments in subsidy amounts make coverage more reachable for those who were previously qualified for subsidies. Off-exchange health plans buyer: Off-exchange’ health plans buyers are people who buy a plan off the Marketplace. They do not pay a penalty for not having coverage. Some people prefer self-subsidization over eligibility for premium tax credits. Yet some may enroll in health plans through the Marketplace or off-exchange to save money on the premiums, while others sign up for an off-exchange plan to avoid paying full price. Under the APR, elimination of the income limit for subsidy eligibility is a significant change for individuals who previously bought off-exchange coverage in order to get a cheaper price on a Silver plan. On-exchange plans buyer: On-exchange plans buyers are people that purchase on the Marketplace. They qualify for income-based premium tax credits to lower their premiums or out-of-pocket costs related to health care. This is the most popular way to get an Affordable Care Act (ACA) compliant plan as it can be done without penalization. If a person had a subsidy program with the exchange, then their subsidy amount with be automatically updated. If there was no income on file for the person, they would not have been able to activate a subsidy on their behalf. The good news is that if they buy their health care plan on the exchange, and file with their income they can opted for full premium subsidy. Bottom Line: The individual mandate is still in place, but the government believes that it has been successful enough to ease some of its requirements. In order to get a premium tax credit for their health insurance next year, people will need to enroll on with respect to the dates. Build and manage a better workforce with integrated HR solutions from ADP Marketplace partners like Points North. Newer Post > < Older Post Certified Payroll Reporting LEARN MORE ACA Reporting LEARN MORE Payroll Data Aggregation LEARN MORE Attendance Advisor LEARN MORE What to Consider When Applying for a Government Contract Did you know the US government spent more than $680 billion on contracts in fiscal 2020? This is the highest contractual spending by the federal government on record. Securing a government contract can have a tremendous impact on your business growth. In fact, the government can become the best clients you've ever had business with. Government contracts have many benefits. They range from good pay, reliable income, long contracts to high business value. However, securing a government contract is easier said then done. There are lots of regulations, procedures and rules dictating how to transact with the government. Your business must navigate through the complex bidding process and pass. Don't forget the stiff competition with many businesses seeking a healthy revenue stream. While there are many hurdles, it doesn't imply your business can't win the bid. But are there considerations to make when applying for a government contract? Keep reading to find out. There will be no additional extensions for ACA reporting in 2022 Employers should make sure they and their service providers are ready to give employees with health care reporting forms and submit them to the IRS on time, according to the IRS. Deadline extensions will not be granted for 2022. The ACA requires large applicable employers (ALEs) to submit reporting forms to the IRS and distribute them to workers. We'll find the right solution for you. We'll help you decide on the best solution for your company. Simply click the button below to fill out a form or just give us a call today. Message Us Or Call Us Directly CONTACT US 888.561.2072 218.726.1195 218.726.0893 (Fax) info@points-north.com sales@points-north.com support@points-north.com careers@points-north.com 371 Canal Park Dr #210, Duluth, MN 55802 USEFUL LINKS Home About Products Partners Blogs Contact FOLLOW US © 2021 All Rights Reserved | Powered by AutomationLinks | Privacy Policy