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February 11, 2015September 8, 2016

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 expect? The subsidies are based on a sliding scale. The government will determine what percentage the amount you pay for your health insurance is of your income, and offer increased subsidies the higher the percentage is. The sliding scale is based off of the cost of the second least-expensive silver-level plan that is available in your area.

If you would like help from the experts to discern if you qualify for a subsidy, a certified agent like the ones at Bernardini & Donovan Insurance Services is here to aid you. To understand what the ACA means for you, how not to miss an important deadline, and how to save on your premiums, do not hesitate to contact Bernardini & Donovan Insurance Services today. Located in Redlands, we are here to help you secure the best protection for you and your family today.

February 4, 2015September 8, 2016

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. Secondly, you can base affordability off your employee’s rate of pay on the first day of coverage under that plan. And finally, you can rest easy knowing your plan is affordable if your employee’s paid share is not more than 9.56 of the federal poverty level for a single individual. These safe harbors enable you to protect your employees by ensuring they are able to afford the protection they need, and protect your business from penalty fees.

Do not be left wondering if the plans you offer as a business or the plan you secure as an individual will be complaint with ACA regulations, only to be hit with tax penalties in April. To have a certified agent come alongside you to help you navigate the changing face of health care, contact Bernardini & Donovan Insurance Services today. Located in Redlands, we are here to help you secure the best protection for you and your family. To get the health insurance you deserve this year, call us today!

January 23, 2015September 8, 2016

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 15^th, 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 will be 2 percent of your taxable income or $325 per adult ($162.50 per child), whichever is greater.

Are you concerned you will not be able to afford the insurance you need to avoid these fees? Do not worry- the ACA also outlines subsidies to help lower income individuals and families get coverage. If your household income is 400 percent or less of the federal poverty level, you can qualify for tax credits to help pay for your health insurance.

Do not let yourself be subject to these fees. Get the health insurance the ACA requires, and that you deserve. To have a certified agent help you determine the right coverage and secure it at the right price, contact Bernardini & Donovan Insurance Services today. Located in Redlands, we are here to help you secure the best protection for you and your family. To get the health insurance you deserve this year, call us today!

January 16, 2015September 8, 2016

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 15^th.

If, however, you work somewhere that offers affordable health insurance and you choose not to accept a plan through your workplace, you will not qualify for subsidies. The same is true if you are eligible for coverage through Medicare. The government is committed to helping every American get the health care he or she needs, but if you choose to opt out of perfectly good coverage there will be no aid for you. That is because your job-based plan counts as the now federally mandated minimum essential coverage. Securing a plan through your workplace will also help you avoid the tax penalties that could be assessed if you do not have coverage.

To understand how your employer’s coverage affects your subsidy eligibility and what to do if you want a plan other than the one offered through your workplace, do not hesitate to contact Bernardini & Donovan Insurance Services today. Located in Redlands, we are here to help you secure the best protection for you and your family today. Connect with a certified agent; call us today!

March 28, 2014September 8, 2016

Contact a Certified Covered California Agent Today!

If you are one of the millions of Californians in need of health insurance, you should consider a certified agent as your go-to for the numerous questions you might have lingering about the Affordable Care Act or Covered California.

Certified agents are trained and subsequently certified to help you with your individual or small group health insurance needs. They know the state and federal laws better than anyone, and are ready to answer any quandaries you might have.

Additionally, since certified agents are registered through Covered California, you can verify the identity of the individual you are working with before you hand over your sensitive personal information. This is just one more way to protect yourself from predators who lurk amidst the insurance system. The Covered California Service Center is always available for this kind of verification via their business office: (800) 300-1506.

For more information about individual health insurance or small group health insurance in Covered California, contact a certified agent at Bernardini & Donovan Insurance.

March 24, 2014September 8, 2016

Open enrollment deadline approaching for part-time employees and subcontract employees

The Affordable Care Act (ACA) open enrollment deadline for health insurance is rapidly approaching. The last day for part-time and subcontract employees to get health insurance via Covered California, the state healthcare website, is March 31, 2014. Fortunately, if you’re still confused, you can get advice and sign up from a certified agent you trust for the same health insurance as you find online.

Small group employers don’t need to offer healthcare plans to subcontract and part-time employees because the Affordable Care Act specifies required coverage for full-time employees or "full-time equivalents." While independent and subcontract employees are not included in small employer mandatory coverage requirements, these people must qualify as independent contractors. Subcontractors must meet the Internal Revenue Service (IRS) definition as independent.

Just because an employer calls someone an independent contractor doesn’t mean the IRS will agree. The IRS examines the "substance of the work relationship" to rule on the nature of the employment. If the legal status is that of an independent contractor, the window for open enrollment closes on March 31. The same deadline applies for part-time employees that don’t qualify for small group insurance.

Confused yet? To clear away the "fog," contact Bernardini & Donovan Insurance. Don’t miss the open enrollment deadline because you are confused about your options. You can use Bernardini & Donovan Insurance to get the advice and coverage you need. The firm is a certified agent for healthcare plans listed on the Covered California Marketplace. You’ll get the coverage you want at the same price listed on the Healthcare Marketplace site.

March 19, 2014September 8, 2016

Open Enrollment Deadline Looms: Make Certain You’re Covered

The Affordable Care Act has made healthcare available to anyone who needs it and has created penalties for those not enrolled in a healthcare policy. Make certain that you’re not fined for failing to acquire the proper insurance in 2014; check your coverage before the March 31st open enrollment deadline.

After March 31st, you will have to wait until the next open enrollment period to enroll in, or change, a policy. You also risk paying a fine for failing to acquire insurance. This is particularly important if you have a family; you’ll want to make certain that you are covered in the event of an emergency before the emergency occurs. The last thing you need in a stressful situation is to find out that your coverage isn’t what you thought it would be.

For more information about individual health insurance or Covered California, contact a certified agent with Bernardini & Donovan Insurance.

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