Health Care Reform
On March 23, 2010, President Obama signed a comprehensive health reform into law, the Patient Protection and Affordable Care Act (PPACA or ACA). Since then, all of us at Creekstone Benefits have been studying the law and trying to help our clients transition into the new health care system as smoothly as possible.
We have been certified to assist individuals and small groups to help navigate the coverages offered on and off of the Marketplace.
We will work with you to make sure you are compliant with the law and understand the changes. Creekstone Benefits Can Help - Call Us Today At (740) 967-0210
Healthcare Reform Links:
- Subsidy Calculator
- Federal Poverty Guidelines
- National Conference of State Legislatures
- Small Business Tax Credit Caculator
- Full Time Employee Calculator
- Uniform Glossary
- Health Care Reform Acronyms
Health Care Subsidy Basics
1. What is a subsidy? A subsidy will pay a portion of your health insurance premiums.
2. Do you qualify for a subsidy? Do you have group/employer coverage that is available to you? This can be through your employer or your spouse/partner’s employer. If you do, you are probably NOT eligible for a subsidy. If you have questions, please contact us. 740.967.0210
Your household must make less than 400% of the Federal Poverty Level (FPL) to qualify for a subsidy. FPL is based on the combined income of everyone in your household and how many people are in your home. If your household income is OVER 400% you do NOT qualify for a subsidy.
Household Size: 1, 400% FPL: $47,520
Household Size: 2, 400% FPL: $64,080
Household Size: 3, 400% FPL: $80,640
Household Size: 4, 400% FPL: $97,200
For each additional person, add $4,160
Important: If your income is 250% of FPL or less you will qualify for a "cost sharing" on a SILVER level plan. This will help to reduce your over all out of pocket costs. The cost sharing is ONLY available on the SILVER level plan.
3. If you do qualify, you can go to www.healthcare.gov to apply for online coverage. To do this, you will need to create a user name and password. Once you have done this, you will receive an email. You will need to click a link in the email they send you to verify your email. (Usually there are several emails. The verification email should be the first one you receive.)
4. Enter our agent information. In order for us to be your agent and help you in the future, you will need to enter the information below on the "Help for applying for coverage" screen.
5. You will need to enter additional information including:
- Social Security Numbers for everyone needing coverage
- Dates of birth for everyone needing coverage
- Estimated Modified Adjusted Gross Income (MAGI) for the current year
6. You will be asked to submit your application - you are NOT paying for coverage at this point. This step is only to verify how much of a subsidy you will receive. Once you receive your subsidy amount you will be allowed to view plans and rates.
Important: If your income is 250% of FPL or less you will qualify for a "cost sharing" on a SILVER level plan. This will help to reduce your over all out of pocket costs. The Cost sharing is ONLY available on the silver level plan.