2015 Alaska Health Insurance Marketplace Tax Subsidy Income Level Chart

While most states use the same income ranges to determine eligibility for tax subsidies through the health insurance marketplace, Alaska has a different range.  Below is the range for Alaska residents.  Be sure to read up on other rules to find out if you can receive premium assistance.  Or if you prefer, simply use our subsidy calculator tool.

Alaska Health Insurance Marketplace Tax Subsidy Requirements

Income levels required to receive tax subsidies on health insurance plans purchased on the marketplace.
Number of People in Household
123456
Lower Premiums if income is between:$14,580 – $58,320$19,660 – $78,640$24,740 – $98,960$29,820 – $119,280$34,900 – $139,600$39,980 – $159,920
Lower Premiums AND Lower Out-of-Pocket Costs if income is between:$14,580 – $36,450$19,660 – $49,150$24,740 – $61,850$29,820 – $74,550$34,900 – $87,250$39,980 – $99,950
You may not qualify for Medicaid if your income is below:$14,580$19,660$24,740$29,820$34,900$39,980

 

Health insurance marketplace tax subsidies are a great way to help pay for the cost of insurance when you buy a plan. Make sure to take advantage.

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2015 Hawaii Health Insurance Marketplace Tax Subsidy Income Level Chart

While most states use the same income ranges to determine eligibility for tax subsidies through the health insurance marketplace, Hawaii has a different range.  Below is the range for Hawaii residents.  Be sure to read up on other rules to find out if you can receive premium assistance.  Or if you prefer, simply use our subsidy calculator tool.

Hawaii Health Insurance Marketplace Tax Subsidy Requirements

Income levels required to receive tax subsidies on health insurance plans purchased on the marketplace.
Number of People in Household
123456
Lower Premiums if income is between:$13,420 – $53,680$18,090 – $72,360$22,760 – $91,040$27,430 – $109,720$32,100 – $128,400$36,770 – $147,080
Lower Premiums AND Lower Out-of-Pocket Costs if income is between:$13,420 – $33,550$18,090 – $45,225$22,760 – $56,900$27,430 – $68,575$32,100 – $80,250$36,770 – $91,925
You may qualify for Medicaid if your income is below:$18,699$25,295$31,892$38,488$45,085$51,681

 

Health insurance marketplace tax subsidies are a great way to help pay for the cost of insurance when you buy a plan. Make sure to take advantage.

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2015 Health Insurance Marketplace Tax Subsidy Income Level Chart

A big piece of the Patient Protection and Affordable Care Act (PPACA) was the availability of a marketplace tax subsidy to help offset the cost of health insurance when a plan is purchased on the health insurance marketplace, or exchange. The system was designed to help those with lower income levels afford quality coverage. The question that we get all the time is, “what are those levels?” Here is a chart showing the income levels required to receive a marketplace tax subsidy.

 

Income levels required to receive tax subsidies on health insurance plans purchased on the marketplace.
Number of People in Household
123456
Lower Premiums if income is between:$11,670 – $46,680$15,730 – $62,920$19,790 – $79,160$23,850 – $95,400$27,910 – $111,640$31,970 – $127,880
Lower Premiums AND Lower Out-of-Pocket Costs if income is between:$11,670 – $29,175$15,730 – $39,325$19,790 – $49,475$23,850 – $59,625$27,910 – $69,775$31,970 – $79,925
If your state is expanding Medicaid, you may qualify for Medicaid if income is below:$16,243$21,983$27,724$33,465$39,206$44,497

Note: Hawaii and Alaska have different income ranges.

What is the Definition of Yearly Income for Health Insurance Marketplace Tax Subsidy Purposes?

The yearly income that is used to determine eligibility for tax subsidies is, for most people, the adjusted gross income. The term that is used on the marketplace application is modified adjusted gross income. This figure takes into account income such as tax-exempt Social Security payments, interest, and foreign income.

The yearly income that is used to determine eligibility for tax subsidies is, for most people, the adjusted gross income.

The modified adjusted gross income also takes into account deductions that you may claim on your tax return. These deductions should be entered during the marketplace application process:

  • Student loan interest
  • Educator expenses
  • Job-related moving expenses
  • Alimony payments
  • Individual retirement account contributions if you do not have a retirement account through work
  • Tuition costs if you pay them out of pocket and claim them on your taxes

Do not enter items such as mortgage interest and charitable contributions. These are taken into account elsewhere.

What if My Income Changes During the Year?

One of the biggest challenges to determining eligibility for a marketplace tax subsidy is estimating your future earnings. When you are filling out the health insurance application online, you are guessing what your income is in the next year. For some people that can be a difficult task. If your income changes during the year, you must report that to the marketplace as soon as possible.

Who to Include as a Member of Your Household?

As you can see, your chances of eligibility for a marketplace tax subsidy increases if you have more people in your household. So the question is, who all should be included as a member of your household? Short answer:

  • Everyone you will claim as a dependent on your tax return
  • Children that are living with you
  • Spouse (you must file jointly to receive a higher marketplace tax subsidy)

The long answer to who counts as a member of your household can be found here.

Make sure to include everyone in the household, even those not needing health insurance through the exchange. Much like reporting income changes, if your living arrangements at home change, you need to report that as soon as possible.

Exception to Claiming a Spouse

There is an exception to the rule that married couples must file jointly to receive a marketplace tax subsidy. If you are living separately from your spouse and are a victim of domestic abuse/violence or spousal abandonment, you may claim “unmarried” on the marketplace application without penalty.

Receiving Lower Out-of-Pocket Costs Through the Health Insurance Marketplace

As you can see from the table above, there is also a chance that you could receive lower out-of-pocket costs through the health insurance marketplace in addition to a tax subsidy. If your yearly income falls in the range shown above, you are eligible. The only catch is that you MUST enroll in a silver plan. Make sure you take a look at all the plans available to see if this benefit is the right one for you.

What if I am a Dependent on Someone Else’s Tax Return? Can I Get a Marketplace Tax Subsidy?

If you claimed as a dependent on someone else’s tax return you are not eligible to receive a subsidy through the health insurance exchange. You are still able to purchase a health insurance plan, but you will pay the full price for the plan. There are other options available as well.

Are all Marketplace Tax Subsidies the Same?

No, subsidies are given on a sliding scale. If you are at the higher end of the ranges shown above, you will not receive as much financial assistance when buying a health insurance plan on the exchange as someone at the lower end of the range.

Take Advantage of Subsidies

One goal of the Affordable Care Act was to provide health insurance at more affordable rates. Politics aside, the marketplace tax subsidy that is available to many people helps them purchase quality medical insurance at a low rate. It may not always be as low as what an employer could offer, but in many cases it is. When you fill out your application at the next Open Enrollment, make sure you take full advantage of a subsidy that is available to you.

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Stethoscope and a calulator. Calculators are sometimes needed to determine an embedded deductible for health insurance

Best Ways To Get Health Insurance Between Jobs




Changing jobs is a hassle. Even when the change is your decision and you are excited about making a move, there is a lot of uneasiness that comes with finding new work. When you are between jobs due to a termination of some sort, it is not uneasiness you deal with, it is piles of stress. One of the biggest issues during a change of employment is finding good health insurance between jobs. Fortunately, there are a few ways to make sure that you and your family are covered in the event you find yourself without employer sponsored health insurance.

Before you start looking at your options, there are a couple of things you will need to understand.

  • First, make sure you have a firm understanding of when your coverage will begin at the new place. The Patient Protection and Affordable Care Act (PPACA) limits, for the most part, waiting periods to less than 90 days. Still, you will need to know if you will be covered on your new date of hire, first of the month following date of hire, first of the month following 60 days of employment, etc.
  • Second, know going in that some of these options will be more costly than what you were paying at the old place. Your employer was most likely subsidizing a large portion of your premium. The amount varies by the employer, and some do not pay much, but some do.
  • Third, a new plan will most likely have a different provider network, meaning your old doctor may not be in the network and you will pay more to visit him/her. Or you may not be able to visit that person at all. Check the networks of the plans you are considering.

Having said all that, here are the best ways you can get health insurance between jobs.




Health Insurance Marketplace

The health insurance marketplaces set up under PPACA are a great place to start when you find yourself looking for medical insurance at any point, especially if you are between jobs. The marketplaces, also called exchanges, have an annual enrollment period during which everyone can enroll, but if you have certain qualifying events, you may enroll at any time during the year. A loss of coverage is considered a qualifying event, so if you lose your insurance coverage when you leave a former employer, you can purchase a plan on the marketplace.

On the marketplace you will be able to easily explore and compare insurance options available in your area. Marketplace plans can be more expensive than what you were paying at your job, but you might also be eligible for a subsidy to help pay the premium. If the price is right, the marketplace might be the best option for finding health insurance between jobs.

COBRA

Employers that employ 20 or more people are usually required to offer COBRA. COBRA allows employs to continue to be on their former employer’s health insurance plans. The catch is that the employee is required to pay the full cost of the premium plus a fee, usually an additional 2%. For a family plan, this can be upwards of $2,000 per month or even more. An individual plan might be around $500 per month, but compared to what the employee was most likely paying out of a paycheck, $500 is a big jump.

COBRA guarantees that your plan will stay the same, and your doctors will still be available. But it is costly, so make sure this is absolutely the best option for you when you need health insurance between jobs.

Short-Term Health Insurance

Another option is to get a short-term health insurance plan, or temporary health insurance. As the name implies, short-term health insurance is when you only will need the insurance for a small amount of time. It is not full coverage medical care, and it will not keep you from the PPACA individual mandate penalty. In fact, short-term health insurance is not subject to most of the PPACA provisions.

Companies offering short-term health insurance can deny coverage for pre-existing conditions, and they are not required to renew coverage.

Still, temporary insurance can be a great cost-effective way to get the medical care you need.

Want to know how to get a Short-Term Health Insurance Plan? We’ve got your covered! Check out your options and a great quote here.

Coverage Through a Spouse’s Plan

For married couples, if both people work, the person that is between jobs can jump on their spouse’s plan if one is offered through that person’s employer. There probably was a good reason why both people were not on the remaining plan to begin with, so there is a good chance that the coverage or price may not be as good as the coverage that was lost. But the plan may still be better and cheaper than what is available through the marketplace and COBRA. And the plan will definitely cover more than what short-term insurance covers. If this option is available to you, it is probably your best bet when you need health insurance between jobs.


Joining a Parent’s Plan

For people under age 26, enrolling in a parent’s employer-sponsored plan is a terrific option. Many employers do not charge much additional for children, and if another child is already on the plan, there is a good chance that the monthly cost will not increase at all. The plan still probably passes all the tests to avoid the mandate penalty, so it keeps you out of trouble with the IRS.

Telemedicine

While not health insurance, another way to get inexpensive health care while between jobs is to utilize telemedicine.  With telemedicine you can talk to a doctor anywhere, anytime, 24/7.  The cost is much lower than if you went to a doctor’s office and paid for the full charge of the visit, especially if you are not getting a network discount due to having no health insurance between jobs. Check out the link above and see if telemedicine is for you.

Health Insurance Between Jobs is Available

Being between employers is not always a fun thing to go through. Making sure you and your family are covered for medical expenses is a big priority. Fortunately, there are several ways to make sure everyone has quality and inexpensive health insurance between jobs.

How I Supplemented My Income Between Jobs

One of the reasons I began this site was to find a way to supplement my income between jobs. But I didn’t know anything about creating a website.

That all changed when I stumbled upon Affilorama. This site changed my life. I learned a valuable skill set that has allowed me to be more valuable in my career since I now know something that most of my colleagues don’t….how to build profitable websites from home.

The membership is free, and you will learn an easy way to make passive income from the comfort of your living room. And while it won’t help you get health insurance, I wanted to give them a shout out since what they taught me got me out of a tight spot once upon a time.

It’s an easy skill to learn. Go visit Affilorama today to find out how you can make ends meet between jobs.

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Top 5 Things To Know When You Compare Health Insurance Plans

When you are young and new to the world of insurance, it is important to know what to look for when you compare health insurance plans.  There are a ton of plans and companies that want to sell you one of their policies.  If you are not careful, you can end up buying something that is not affordable or comprehensive enough.  With that in mind, here are some things to keep in mind when analyzing the right medical insurance plan for you and your family.

The Premium

The premium will probably be what grabs your attention right off the bat.  You cannot compare health insurance options without knowing the premium.  After all, you may not have a claim, but you definitely will be paying something to the insurance company each month.

The problem with only paying attention to the premiums is that you can buy a bad product from a bad insurance company if you just look at how much a plan costs.  Ever heard the saying, “you get what you paid for?”  The same goes with an insurance plan.

While the premium is important, especially with the increase in the cost of medical care, there are other things that must be considered when you compare health insurance plans.

The Benefits Available

Some plans cost less on a monthly basis because they leave more for you to pay out of pocket if you were to get sick or be in an accident.  If you want a plan that leaves you with less of a financial responsibility then you will have to pay more in your premium.

The main benefit provisions to look for are the deductible, coinsurance, copays, and out of pocket maximums.  As you compare health insurance benefits, be sure to take into account what you are willing and able to spend if you were to have a large medical expense.

The Network of the Insurance Company

Most insurance companies have networks of doctors that they contract with to provide lower cost healthcare services.  The billed charges of the services are discounted through the network, but in exchange, doctors and hospitals are able to attract more patients.

As you compare health insurance plans, make sure to choose an insurance company that has a network that your healthcare providers are a part of.  Do not just think of your family doctor.  Remember specialists, labs, and even pharmacies.  You can find yourself having to change doctors or pay big sums of money out of pocket if your provider is not in your new insurance company’s network.

The Health Insurance Marketplaces

The health insurance marketplaces, or exchanges, outlined in the Patient Protection and Affordable Care Act (PPACA), or Obamacare, are online locations where individuals and small businesses can quickly and easily compare health insurance plans.  Do not ignore these marketplaces, as they could have good options for you.

That does not mean that the marketplace is a better choice than other insurance options.  But it might be, so check  it out.

Tax Credits

Something that might make your decision easier is a tax credit.  If you make less than 400% of the poverty level, you are eligible for a tax credit if you purchase medical insurance through an exchange.  Check on this as it can help bring down the cost of a health insurance plan.

Compare Health Insurance Plans to Find the Best Fit

It can be time consuming, but if you want the most affordable and comprehensive plan for you and your family, make sure to take the time to compare health insurance plans in every way possible.  If you look at health insurance marketplaces and take into account premiums, plan designs, and networks, you can find a great fit.

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