Are You Eligible For A Health Insurance Subsidy?
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Employer coverage is considered “affordable” (meaning you are not eligible for a subsidy) if the lowest priced plan offered by your employer (for employee only coverage – not family, just employee) is not greater than 9.61% of annual household income.
Anyone in the family that is offered employer-sponsored coverage will most likely NOT be eligible for a subsidy whether you accept that coverage or not.
The rules of health care reform are that if the EMPLOYEES PORTION of the CHEAPEST health insurance plan offered by the employer is less than 9.61% of the employee’s “household” income, then the employee and their families are BLOCKED from getting a subsidy.
I have been offered Health Insurance coverage at work…what do I do? Take it, in most cases. You may call our office for questions or call your HR department at your/spouses work.
If it’s NOT “affordable”, you can continue to enroll and apply for a subsidy. Call us for assistance.
If it IS affordable, you can look at plans “Off Exchange” (without a Government subsidy).
You can’t have an employer offering health insurance to you AND receive a subsidy. If you ignore this rule, you will find yourself paying back the IRS for the entire subsidy. If you receive a subsidy, you were not supposed to have, you’ll have to pay it back on next year’s tax return. It is VERY important you are honest and accurate when stating your income as well as health insurance options offered at yours or your spouse’s work.
Here at Nevada Insurance Enrollment We Can Help!
Picking the right health insurance plan for your needs and budget is a challenge, and too much or too little coverage can cost you. Our health insurance agents are here to help you choose the health insurance plan that fits you and your budget. Give us a call to get started.
Read More: Health Insurance in Las Vegas, Nevada
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