As of January 1, 2014, the Affordable Care Act requires most individuals to have health insurance or potentially pay a penalty for noncompliance.
What does this mean? Individuals are required to maintain minimum essential coverage for themselves and their dependents. Some individuals are exempt from the mandate or the penalty, while others may be given financial assistance to help them pay for the cost of health insurance. The Kaiser Family Foundation created an infographic showing three scenarios illustrating the cost of health insurance under the ACA for families in different circumstances, Premium Subsidies Infographic.
Do you qualify for a tax credit? Tax credits could be available to you if you enroll in health insurance through your state’s health insurance marketplace.
Individuals and families who make between 138% and 400% of the Federal Poverty level may be eligible for a tax credit, which includes individuals with income of less than $94,000 per year (family of four) or individuals with no dependents and an income of less than $46,000. The tax credit calculator will help you to calculate what your subsidy may be.
National Affinity Services can help you determine what you need to do to ensure compliance with the Individual Mandate.
To further discuss how we can help you prepare for the Affordable Care Act, get a free health insurance quote, give us a call toll-free 855-533.1736, email at email@example.com or schedule a consultation.
For a list of available carriers in your state’s health insurance market place, see our National Carrier Network.
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