A recent Department of Health and Human Services (HHS) report on The Patient Protection and Affordable Care Act (“ACA”), often referred to as “Obamacare,” announced that the Health Insurance Marketplace will allow nearly 6 out of 10 uninsured Americans access to affordable health insurance coverage. Millions of Americans will have the opportunity to access low-cost, high value health insurance for just about $100 per month.
The ACA Marketplace is now active and applications for health insurance will reflect these new lower costs. Family size and household income will determine the amount you will save on premiums for 2014. The lower your income, the more you will save. In general, if your income falls within the following ranges, you will qualify. If your income falls below these amounts, you may qualify for coverage under your state’s Medicaid program.
• $11,490 to $45,960 for individuals • $15,510 to $62,040 for a family of 2 • $19,530 to $78,120 for a family of 3 • $23,550 to $94,200 for a family of 4 • $27,570 to $110,280 for a family of 5 • $31,590 to $126,360 for a family of 6 • $35,610 to $142,440 for a family of 7 • $39,630 to $158,520 for a family of 8
When filling out the Marketplace application, you will need to know your modified adjusted gross income (“MAGI”). This number is your household’s adjusted gross income plus any tax-exempt Social Security, interest and foreign income you have. This number will determine your eligibility for lower costs on Marketplace coverage, and for Medicaid and the Children’s Health Insurance Program (CHIP).
This progress towards affordable healthcare is expected to expand and continue in the months ahead. For more information on how the new Marketplace will affect you and your family (and for an estimate of your future costs and savings) visit https://www.healthcare.gov/will-i-qualify-to-save-on-monthly-premiums/.