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
Shopping Around for Auto Insurance Is a Good Thing
If you’re nearing the end of your policy term and you’re planning to auto-renew rather than go through the process again, you may end up paying too much for auto insurance or worse, find yourself underinsured.
More Health Insurance Options Coming to Nevada in 2020
Among the primary causes of this persistent problem is the lack of competition. Consumers still have limited options when it comes to health insurance and health care providers.
Year Round Enrollments For Health Insurance Ended 10/1/2019
Up until 10/1/2019, Nevada residents had the option of enrolling in off-exchange health insurance plans at any time during the year. The catch? There was a 90-day waiting period after enrollment before coverage becomes effective.