Category: Individual Health Insurance

Many people will qualify for health insurance subsidies once the Affordable Care Act is initiated in January 1, 2014. The Affordable Care Act will require that anyone without health insurance from their employer acquire health insurance on their own. Whether these individuals can get federal subsidies will be based on the size of their families and the amount they make every year. Individuals will be able to find out more about these subsidies at the health care exchanges, which are set to open throughout the United States.

In general, single individuals who make less than $27,936 every year will be eligible for federal subsidies for their health insurance. Families of four will have a threshold of $57,636 to qualify for federal subsidies. Most of these federal subsidies may be adjusted based on income levels. Health insurance will no longer be determined based on prior health issues, which means that many people with prior health issues will find that their health insurance coverage is already much lower.

For more information about whether you may be eligible for cost-sharing subsidies for individual health insurance contact Bernardini & Donovan Insurance Services, experts in individual subsidies and health insurance.

As part of the new health care reform that was enacted by Congress under the Affordable Care Act, many lower income persons are eligible to take advantage of financial assistance to obtain individual health insurance when the changes are implemented in 2014. The government assistance generally comes in the form of a tax credit, providing a dollar-for-dollar tax reduction or benefit to persons who spend on health care through a state-operated health insurance exchange. The credit is gained when a tax return is filed after the fact.

Additionally, up front individual subsidies will also be made available to primarily aimed at middle and low-income persons who have to pay for their own coverage, the premium payment subsidies can be used by families earning up to $94,200 in a year, or $45,960 for individuals. Those with no tax liability can instead get help up front when buying insurance, and the government pays the subsidy to the insurance company. The consumer realizes a discounted price for cash out of pocket as a result.

Because of how complicated the process can be an expert guide is extremely helpful. Bernardini & Donovan Insurance Services can provide assistance in understanding options as well as coverage. Give their office call for more information.

The upcoming change that requires all individuals to have an individual health insurance policy is making many concerned about what it means for them. The biggest concern that people are expressing is one of being able to afford a policy as health insurance isn’t cheap. Fortunately, the legislation foresaw the fact that cost would be an issue for the uninsured and took steps to alleviate the cost in the form of individual subsidies.

There are two requirements needed in order to qualify for individual subsidies. One is to obtain an individual health insurance premium through an exchange and the other is to have income less than 400 percent of the federal poverty level (FPL). As an example, the FPL for a family of four in 2011 was $89,000. Individuals whose employers policy is too expensive or has inadequate coverage can also qualify for individual subsidies.

The ACA has two kinds of individual subsidies to help offset the cost of insurance. One is a monthly premium assistance tax credit that lowers the amount that has to be paid. The other is cost-sharing assistance that limits an individuals’ maximum out-of-pocket expenses. Some may also qualify for reduction of other cost-sharing needs.

For more information about health care policies in the greater Redlands area, contact Bernardini & Donovan Insurance Services about what type of coverage is available.

Individuals may be concerned about the new Affordable Care Act, as it will require those without employer-paid insurance benefits to get their own health insurance. However, the government is aware that not everyone can afford to pay for their own insurance policies. As a consequence, there will be federal subsidies for those that make under a certain amount. These subsidies will be available through a health care exchange and will be available to those that have income of less than four times the level of federal poverty.

The methods by which the amount of the subsidy, as well as the premium limits associated with it, will be calculated are a little complex, but a health care exchange will be able to help interested individuals learn more. In general, however, the Affordable Care Act seeks to provide health insurance with as little financial damage to the insurance consumer as possible, and there will be options for all income levels.

For more information about the projected changes to individual health insurance and individual subsidies contact the experts at Bernardini & Donovan Insurance Services. Those who need information about insurance will want to receive it before January 1, 2014, when the affordable care act will be initiated.

In 2014, all Americans are required to have health insurance or pay a fine. This fact has many worried about being able to afford individual health insurance because they can’t afford an individual health insurance policy as they currently exist. The good news is, the Affordable Care Act took a proactive stance and included a provision that created individual subsidies to help offset the cost of coverage. In order to be considered eligible for the subsidies, there are two tests that have to be passed.

One way to gain individual subsidies is to purchase insurance through an exchange and have income that is less than 400 percent of the federal poverty level. In 2011, the FPL amount for a family of four was $89,000 in gross income. The other option is when employer-offered health insurance is more than 9.5 percent of the total household income. A policy that costs this much is deemed to be unaffordable by the federal government.

There are two types of subsidies that help pay for individual health insurance. One is a premium assistance tax credit that is given monthly and lowers the cost of the premium. The other is cost-sharing assistance that limits the maximum costs that are paid for out of pocket such as deductibles and co-payments.

For more information about an individual health insurance policy in the greater Redlands area, contact Bernardini & Donovan Insurance Services about what’s available to you.