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
How Does My Auto Insurance Company Make Its Profit?
Have you ever wondered how an auto insurance company stays in business? They make money because they sell a product that people are legally required to purchase. The average person pays around $900 a year for auto insurance but it’s nothing compared to how much a single car accident can cost.
Nevada Car Seat Guidelines
Car seats are designed to accommodate your household’s youngest passengers, making sure that they are as safe as possible while on the road. However, did you know that just like helmets and other safety equipment, car seats have a shelf life?
Now Hiring Licensed Insurance Agents
Top ranking Insurance Agency, Nevada Insurance Enrollment, seeks full-time licensed and successful insurance agents.