Your Eligibility For A Health Insurance Subsidy
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 9.78% of annual household income.
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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 9.78% of the employees “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?
- If it’s NOT affordable, you can continue to enroll and apply for a subsidy CLICK HERE.
- If it IS affordable, you can look at plans “Off Exchange” (without a Government subsidy) to have more PPO options CLICK HERE.
You can’t have an employer offering health insurance to you AND receive a subsidy. If you ignore this rule, you may find yourself paying back the IRS for the entire subsidy. If you receive a subsidy you weren’t supposed to have, you’ll have to pay it back on next years tax return. It is VERY important you are honest and accurate when stating your income.