Where can I buy Affordable Health Insurance?
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The Health Insurance Marketplace or Health Insurance Exchange is a new way to find health coverage that fits your needs and your budget. The Health Insurance Marketplace allows you to compare multiple options and enroll with one application.
Once you complete your application you will find out if you can get lower costs on your monthly premiums for private insurance plans or if you qualify for free or low-cost coverage available through Medicaid or the Children's Health Insurance Program (CHIP). You can also find out if you qualify for lower out of pocket costs.
The Marketplace is run by either your state or the federal government. If your state runs the Marketplace you will get health coverage through your states website. Open enrollment starts October 1, 2013 and coverage starts as soon as January 1, 2014.
Q. Will I qualify for lower costs on monthly premiums if I go through the Marketplace for Health Insurance?
A. The cost of your monthly premiums depends on your household income and family size. The lower your income, the higher your savings will be if you purchase insurance from the Health Insurance Marketplace. The following income levels will qualify to save in 2014
(The amounts below are based on 2013 numbers and are likely to be slightly higher in 2014)
- Up to $45,960 for individuals
- Up to $62,040 for a family of 2
- Up to $78,120 for a family of 3
- Up to $94,200 for a family of 4
- Up to $110,280 for a family of 5
- Up to $126,360 for a family of 6
- Up to $142,440 for a family of 7
- Up to $158,520 for a family of 8
In addition, you may be able to get lower out of pocket costs depending on your household income and family size.
You will need to estimate your household income if you are considering applying in the Marketplace for Health insurance in 2014. If you know your 2013 household income, use it and take into account any changes you expect in 2014.
Another way to estimate your household income is to add up the following items for all the people in your household, based on what you think they'll receive in 2014:
- Net income from any self-employment or business
- Unemployment compensation
- Social Security payments
- Rental Income
- Capital gains
- Some forms of retirement and pensions
If you can't afford health insurance, you may be eligible for tax credits to help you pay the cost of coverage if you earn between 133% and 400% of the federal poverty level. Many lower income individuals will be eligible for premium assistance in the form of a subsidy to help pay some or all of the monthly health insurance premiums. In addition, some lower income individuals may be eligible for a government sponsored plan (e.g. Medicaid, CHIP, Veteran Benefits). Those qualifying for government sponsored coverage will not be eligible for other kinds of premium assistance such as the subsidy.