Health Care Reform

Where do you start?

  1. Determine if you qualify for a government premium tax credit and if so, how much. Use the tax credit estimator calculator above to determine if you qualify.
  2. If you do qualify you must submit your application through Healthcare.gov, apply through a carrier or through an agent portal [like ours] in order to claim your tax credit. Keep in mind you will be asked to provide personal information, including your social security number and estimated household income for 2016. It’s recommended you refer to your latest income tax return and reference line 37 on your IRS Form 1040 (modified adjusted gross income) when providing your estimate.
  3. Once you submit your household income estimate, you’ll be given your premium tax credit amount. Then you’ll be asked how you want to use this. You can use it to pay premium each month or receive it as a tax credit on your 2016 income tax return
  4. After you see your subsidy amount, you will select the desired plan from the available carriers.  Our Portal will allow you to identify the plans that allow your doctors, hospitals and medications before making a decision.
  5. You should make your first premium payment by the effective date to bind coverage. This is important.

Keep in mind…

  • You can use an agent to help you and your premium will be the same as without. Contact us if you’d like assistance
  • If the calculator above shows you qualify for $0 in premium tax credit, then you don’t need to visit healthcare.gov and give your financial information. You can purchase a plan directly from the carrier of your choice or use the convenience of our Agent Portal at no charge.
  • The open enrollment period to purchase a health insurance policy has ended for 2016.  You must have a “qualifying event” in order to purchase a policy.  Otherwise you must wait until next  year to purchase an ACA/Obamacare policy.  If this is the case, and everyone is healthy, you should consider a Short-Term Medical policy.  Most of these can be purchased with a next-day effective date at any point during the year.
  • If you don’t have a Qualified Health Plan [QHP] during 2016 the law states you can be assessed a penalty of 2.5% your household income.  There are some who will be excused from this penalty, and you should always check with your accountant.  The penalty applies to any month where a Qualified Health Plan is not maintained after a 90 day grace period [pro-rated].