Bernardini & Donovan Insurance Services

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Do You Qualify For A Subsidy?

Discerning The Aid You Can Secure For Your Health Insurance With the Affordable Care Act (ACA) changing healthcare in the United States, it can be difficult to understand exactly what kind of support the government can offer you. According to the ACA, the government now offers subsidies to make healthcare more affordable for eligible parties. These are tax credits that are available for lower income families and individuals. To qualify for subsidies, you must live in the United States, be a citizen of the US or lawfully residing in the country, not be in jail, and have a household income level of four times the federal poverty level or less. This means that if your Modified Adjusted Gross Income is between 100% and 400% of the Federal Poverty Level you can qualify for tax credits to help you cover the expense of your health care. How much reimbursement can you

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How Affordability Is Determined Under ACA

Understanding What Qualifies Coverage As Affordable The Affordable Care Act (ACA) has changed the face of healthcare in the United States in an effort to make securing health insurance affordable for every American. What, exactly, qualifies as affordable coverage? It cannot just be a vague idea, as the government now requires all businesses that employ a certain number of people to offer affordable coverage to their employees. So how, then, is affordability defined? According to ACA standards, a plan is considered affordable if it costs 9.5 percent or less of the individual it covers income. As an employer, how can you know if your plan will be affordable for your employees? There are a few safe harbors you can use to avoid being hit with penalty fees. First, you can reference Box 1 on your employee’s W-2, where he or she will have to report his or her taxable income.

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ACA Penalty Fees

Your Guide To The Tax Penalties Of The Affordable Care Act If you have not yet secured health insurance for 2015, do not wait. The open enrollment period (the time during which you can secure an individual health insurance plan) ends on February 15th, and if you do not have the coverage required by the Affordable Care Act (ACA) by that time you may be subject to tax penalties. What kind of coverage should you have to avoid those fees? You need a major medical health insurance plan. According to the ACA, these plans include coverage for emergency services, pediatric services, laboratory services, rehabilitative services and devices, mental health/substance abuse services, preventative/wellness services, hospitalization, maternity and newborn care, ambulatory patient services, and prescription drugs. If you do not have major medical health insurance for three continuous months, you will be hit with penalties when you file your taxes. These penalties

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How Job-Based Coverage Affects You

What Does Your Employers Plan Mean For Your Subsidies? For most, health insurance options through your workplace are good news. If, however, you had plans to secure subsidies to help you pay for an individual health plan outside of your work, your employer’s offer of coverage may be a problem for you. Make sure you do not opt out of health care through your work only to find yourself without tax credit. How does qualification for health care subsidies work? According to the Affordable Care Act (ACA), anyone who is at an income level of 400% or less of the federal poverty levels can qualify for tax credits to help them cover the cost of health insurance. These subsidies are available in your specific state and can be applied for during the open enrollment period, which ends February 15th. If, however, you work somewhere that offers affordable health insurance and

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California Ranked 17th Healthiest State in the U.S.

How The Health Of California Has Changed In The Last Year The American Public Health Association and the Partnership for Prevention released their annual report on the health rankings of America on December 10th. The report listed a ranking of all fifty states from healthiest to least healthy as well as information on cancer, preventable diseases, and chronic conditions in the United States. To calculate their rankings, the organizations considered twenty-seven health metrics, including obesity, immunization rates, infectious diseases, and cancer-related deaths. After compiling the numbers, they released the full ranking with Hawaii emerging as the most healthy state and Mississippi at the bottom of the list. The report showed that nationally, there has been a 7 percent increase in obesity in the last year and a 3 percent increase in sedentary lifestyles. Fortunately, there was also good news. 3 percent fewer adults are smoking and 4 percent fewer cases

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The Latest On Covered California

Your Update On Covered California’s Progress In The First Month Of Open Enrollment The first open enrollment period in 2013-2014 ended up securing 1.2 million enrollees during its six-month period. With this year’s three month period, Covered California aims to keep the 1.2 million enrolled and add another half million of new enrollees. That means they are shooting to have 1.7 million Californians enrolled by open enrollment’s end date of February 15th, 2015. It looks like they may get close to their goal, as between November 15th (the day this second, current period of open enrollment began) and December 11th 91,600 people who had previously not been enrolled signed up. This is a significant number considering that between November 15th and December 3rd the number of new enrollees was at just 48,950 and during the first month of open enrollment last year a mere 31,000 signed up. If you are a current Covered California

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