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ljgeoffI'm trying to figure out what to do for our insurance. We currently have a family plan through Meijers. Last year, I think we paid something like $6000 for the year, and it covered Mike and me, as well as Luke and Jake (who are our only unmarried sons.)
So, I'm trying to decide if we should stay with the Meijers plan or if we are eligible to get the ACA insurance and get a tax credit to help pay for it.
This year, we might have a family gross income of around $55,000 and we are a family of five. (We gained Trentyn and Zari, and Jake will be getting his own plan) That puts us almost exactly at 100% above the poverty level for a family of five as the US government currently figures it.
So, from what I understand from this form, 86BFactSheet, "Treasury Lays the Foundation to Deliver Tax Credits to Help Make Health Insurance Affordable for Middle-Class Americans," we have to figure out how much Mike *would be* charged for just himself, and then we have to choose the Marketplace insurance and then apply for the tax credit and hope we didn't screw anything up.
Eligibility
•Household income must be between 100% and 400% of the federal poverty level.
•Covered individuals must be enrolled in a “qualified health plan” through an Affordable Insurance Exchange.
•Covered individuals must be legally present in the United States and not incarcerated.
•Covered individuals must not be eligible for other qualifying coverage, such as Medicare, Medicaid, or affordable employer-coverage.
So, reading the bolded section above, I thought, oh, so I guess we have to go with Meijers.
But then I read this part:
•Tax credits are available to qualified individuals offered (but not enrolled in) employer-sponsored insurance if (a) it is “unaffordable”(meaning that the self-only premium exceeds 9.5% of household income); or(b)it does not provide a minimum value(meaning it fails to cover 60% of total allowed costs). We anticipate that future regulations will define minimum value in a way that preserves the existing system of employer-sponsored coverage, but that does not permit employers to avoid the statutory responsibility standards. We also are contemplating whether to provide appropriate transition relief with respect to the minimum value requirement for employers currently offering health care coverage. Future guidance will define minimum value in a way that preserves the existing system of employer-sponsored arrangements, which does not require employers to provide a specific package of health benefits,but that does not permit the employers to avoid responsibility standards. We are also contemplating whether to provide appropriate transition relief with respect to the minimum value requirement for employers currently offering health care coverage.
So, I need to figure out if the plan at Meijers is "unaffordable." With an estimated income of $55,000, that means the self-only premium would have to exceed $5225. OR I have to find out if the Meijer plan fails to cover 60% of total allowed costs. What does that even mean? What are "total allowed costs?"
Help?
So, I'm trying to decide if we should stay with the Meijers plan or if we are eligible to get the ACA insurance and get a tax credit to help pay for it.
This year, we might have a family gross income of around $55,000 and we are a family of five. (We gained Trentyn and Zari, and Jake will be getting his own plan) That puts us almost exactly at 100% above the poverty level for a family of five as the US government currently figures it.
So, from what I understand from this form, 86BFactSheet, "Treasury Lays the Foundation to Deliver Tax Credits to Help Make Health Insurance Affordable for Middle-Class Americans," we have to figure out how much Mike *would be* charged for just himself, and then we have to choose the Marketplace insurance and then apply for the tax credit and hope we didn't screw anything up.
Eligibility
•Household income must be between 100% and 400% of the federal poverty level.
•Covered individuals must be enrolled in a “qualified health plan” through an Affordable Insurance Exchange.
•Covered individuals must be legally present in the United States and not incarcerated.
•Covered individuals must not be eligible for other qualifying coverage, such as Medicare, Medicaid, or affordable employer-coverage.
So, reading the bolded section above, I thought, oh, so I guess we have to go with Meijers.
But then I read this part:
•Tax credits are available to qualified individuals offered (but not enrolled in) employer-sponsored insurance if (a) it is “unaffordable”(meaning that the self-only premium exceeds 9.5% of household income); or(b)it does not provide a minimum value(meaning it fails to cover 60% of total allowed costs). We anticipate that future regulations will define minimum value in a way that preserves the existing system of employer-sponsored coverage, but that does not permit employers to avoid the statutory responsibility standards. We also are contemplating whether to provide appropriate transition relief with respect to the minimum value requirement for employers currently offering health care coverage. Future guidance will define minimum value in a way that preserves the existing system of employer-sponsored arrangements, which does not require employers to provide a specific package of health benefits,but that does not permit the employers to avoid responsibility standards. We are also contemplating whether to provide appropriate transition relief with respect to the minimum value requirement for employers currently offering health care coverage.
So, I need to figure out if the plan at Meijers is "unaffordable." With an estimated income of $55,000, that means the self-only premium would have to exceed $5225. OR I have to find out if the Meijer plan fails to cover 60% of total allowed costs. What does that even mean? What are "total allowed costs?"
Help?
(no subject)
Date: 2013-11-03 01:58 am (UTC)(Which is my way of saying, here via Network, and I have no idea but I know people who would know, if you lived in my town. In yours, I don't know.)
(no subject)
Date: 2013-11-03 09:13 pm (UTC)(no subject)
Date: 2013-11-05 01:31 am (UTC)I would be surprised if Meijers' insurance didn't qualify - but I've been surprised before.