Health Insurance for Individuals & Families
When it comes to individual health care, there are many choices available from plans with low deductibles and co-pays to put you in control and save valuable premium. Effective January 2014, all health plans had to comply with the new Affordable Care Act (ACA) rules.
Muneris assists you to find the right coverage by helping you navigate your options under the Affordable Health Care Act. For a complete summary of your individual options with all available carriers in your area, please call our office at (888) 686-3741.
The Affordable Care Act (ACA) and Exchanges
Exchanges (also called “marketplaces”) are online markets where consumers and small businesses can go to shop for health insurance. They are organizations setup to facilitate the purchase of health insurance according to the Patient Protection and Affordable Care Act. The Patient Protection and Affordable Care Act (ACA) is commonly known as “Obamacare”.
Exchanges or “Marketplaces” assist in providing standardized health insurance plans for individuals and families. Individuals may qualify for federal subsidies provided under the The Patient Protection and Affordable Care Act.
What is a subsidy?
Subsidies provide cost assistance on your premium and out-of-pocket expenses. The types of cost assistance are Premium Tax Credits, Cost Sharing Reduction Subsidies (CSR), and Medicaid / Children’s Health Insurance Program (CHIP).
Premium Tax Credits
Advance payments of the tax credit can be used right away to lower your monthly premium costs. If you qualify, you may choose how much advance credit payments to apply to your premiums each month, up to a maximum amount. If the amount of advance credit payments you get for the year is less than the tax credit you’re due, you’ll get the difference as a refundable credit when you file your federal income tax return. If your advance payments for the year are more than the amount of your credit, you must repay the excess advance payments with your tax return.
Cost Sharing Reduction Subsidies (CSR)
Cost Sharing Reduction Subsides (CSR) help to lower out-of-pocket costs, based on income on Silver plans bought on the Health Insurance Marketplace. CSR subsides are provided in addition to advance premium tax credits.
CSR eligibility is based on your income and must be between 100% and 250% of the federal poverty level (FPL).
Medicaid / Children’s Health Insurance Program (CHIP)
Medicaid and CHIP is administered by states and funded by the federal government to provide health coverage.
Eligibility is based on an individuals need to satisfy federal and state requirements for residency, immigration status, documentation of U.S. citizenship and minimum income level of 133% of the federal poverty level. States have the option to expand Medicaid coverage to everyone under 138% of the FPL.
How do I Calculate My Subsidy?
Your subsidy is based on your income, age, and family size to estimate your eligibility for subsidies and how much you could spend on health insurance. To get an idea of the cost assistance you qualify for, you can use the Health Insurance Subsidy Calculator provided on our website.