What the Government Considers “Affordable”
For employees receiving their benefits from an employer.
If the employee portion of the health insurance the employer provides costs more than 9.5% of the employee’s income, and it doesn’t cover at least 60% (Minimum Value) of the employees medical expenses, this is considered to be “unaffordable”. If your insurance is “unaffordable” you are then permitted to see if you qualify for a Subsidy (Advanced Premium Tax Credit). If the employee’s insurance from their employer is affordable, then the employee is NOT eligible for a tax subsidy.
If you DO NOT receive health insurance from your employer.
As individuals or families, if your portion of the health insurance premium costs more than 8% of your household income, it is considered “unaffordable”, which means you don’t have to buy a medical plan “excludable.”
For individuals and families that go to the exchange to buy health insurance, IF the insurance is greater than 8% of your Modified Adjusted Gross Income (MAGI) it is considered “unaffordable” and you are not required to buy insurance. MOST Americans will find they will qualify for either Medicaid or a Subsidized plan that makes insurance “affordable.”
Recent Posts
Items You Should and Should NOT Keep In Your Car
If you spend a lot of time in your car, it can feel like a home away from home. In many cases, it makes sense to leave some items in your car in case of an emergency. On the flip side, some things should never be left in your car, especially when it is hot outside.
How Phone Apps Are Fighting Distracted Driving
Unsurprisingly, our smartphones are the most common of driving distractions. From reading and sending texts to looking up directions, many drivers divide their attention between their driving and their cellphone – often, unsuccessfully.
New and Advanced Automobile Technology for Safety
New Auto Technology Can Save Lives. We’re well beyond seatbelts in today’s modern automobile technology. There are many new safety features and just cool technology that keeps coming out each year, revolutionizing our driving world.