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Facts You Need to Know for a Successful Open Enrollment, Part 8

Open Enrollment, a key part of the Affordable Care Act, begins November 15th! That’s 10 days away. Understanding the basics can help you take advantage of this important time period.  Brought to you by REALTORS® Insurance Marketplace, this nine part series will help you learn important facts about this year’s Open Enrollment.

 

8.     Subsidies are available, but there are requirements to receive them.

The Affordable Care Act provides financial assistance for those who meet certain income requirements. The chart below shows income range and household sizes potentially eligible for subsidies. Exact subsidy amounts vary by income and the average cost of health plans in a specific geographical area. If you think you may qualify for a subsidy give us a call; we can help you navigate the public exchange for your area.

 

Income Range Household Size
$11,490 to $45,960 Individuals
$15,510 to $62,040 Family of 2
$19,530 to $78,120 Family of 3
$23,550 to $94,200 Family of 4
$27,570 to $110,280 Family of 5
$31,590 to $126,360 Family of 6
$35,610 to $142,440 Family of 7
$39,630 to $158,520 Family of 8


 

For more information please watch for our next part in this nine part series, posted weekly.

(Pssst…If you can’t wait to see all 9, click here.)

Facts You Need to Know for a Successful Open Enrollment, Part 7

Open Enrollment, the time designated to enroll in or change your qualified health plan, begins November 15th. That’s less than three weeks away! Understanding the basics can help you take advantage of this important time period.  Brought to you by REALTORS® Insurance Marketplace, part seven of this nine part series will help you learn important facts about this year’s Open Enrollment.

       7. The Tax Penalty for not having a qualified health plan increases in 2015, 2016, and beyond.
Each year, the penalty for not having a qualified health plan increases. In 2014 it was $95 per person for the year ($47.50 per child under 18), or 1% of your yearly household income  whichever is greater). For 2015, the penalty will be $325 per person or 2% of your yearly household income. In 2016, it will be $695 per person or 2.5% of your yearly household income. As time goes on it will continue to be adjusted for inflation.

For more information please watch for our next part in this nine part series, posted weekly.

(Pssst…If you can’t wait to see all 9, click here.)

Facts You Need to Know for a Successful Open Enrollment, Part 6

Open Enrollment begins in just four weeks! Understanding the basics can help you take advantage of this important time period.  Brought to you by REALTORS® Insurance Marketplace, this nine part series will help you learn important facts about this year’s Open Enrollment.

 

6.      A Qualified Health Plan includes TEN ESSENTIAL HEALTH BENEFITS, which cover:

  • Outpatient care—the kind you get without being admitted to a hospital
  • Trips to the emergency room
  • Treatment in the hospital for inpatient care
  • Care before and after your baby is born
  • Mental health and substance use disorder services, including behavioral health treatment, counseling, and psychotherapy
  • Prescription drugs
  • Services and devices to help you recover if you are injured, or have a disability or chronic condition. This includes physical and occupational therapy, speech­ language pathology,
    psychiatric rehabilitation, and more.
  • Lab tests
  • Preventive services including counseling, screenings, and vaccines to keep you healthy
    and/or provide care for managing a chronic disease
  • Pediatric services, including dental care and vision care for kids

 

For more information please watch for our next part in this nine part series, posted weekly.

(Pssst…If you can’t wait to see all 9, click here.)