Santa’s here to deliver healthcare subsidy for healthcare reform exchanges! With only a few days left of 2013, only 50-60% of people know about the availability of subsidies for healthcare insurance. Between the years 2013-2022, the government has budgeted $1.6 trillion, yes TRILLION, for the healthcare reform bill including health care subsidy. This amount is suppose to help decrease the federal budget by $109 billion? Not sure how they are going to do it but our podcast next week explain to you how the government will get money for healthcare reform.
With health care reform starting officially January 1, 2014, all us in the medical field are crossing our fingers that we will still all have jobs. One good thing for patients that sign up for an exchange can check if their eligible for a tax credit.
It all depends on a few details. You must be 400% or lower of the FPL (Federal poverty level) to be eligible. Basically, that means if you are a single person making less than $45960/yr (on their W2), then you are eligible for a subsidy. If you have family members then that number goes up slightly. Also, if you are employed and your work doesn’t offer health insurance (a business with less than 50 employees doesn’t have to offer health insurance without penalty) then you can go on the exchange and get insurance and apply for a tax credit. Signing up for an exchange will also help you avoid a $95 penalty fee (or 1% of your income) for 2014. That penalty fee will increase each year that you do not sign up for health insurance.
If you have listened to my podcast this is the link to calculate how much tax credit you would be eligible for in the healthcare marketplace.
To help you apply for a healthcare Marketplace exchange, you can look at the healthcare.gov to apply.