Health Insurance Reform - Hometown Benefits Group

Health Insurance Reform

We have made it very easy to get all of the resources that you need to guide you through this health insurance reform confusion. Here are some highlights of the new law to help you understand how it may affect you. Here is what the law does and doesn’t do.

  • You may qualify for a tax credit or subsidy to help lower your costs to as little as $0 per month
  • If you don't have health insurance you can be penalized 
  • You can’t be denied for any pre-existing conditions anymore
  • ​You can stay on your parent’s plan until you turn 26
  • All plans must have minimum essential benefits including maternity and preventative work

Tax Credits

Based on your income and household size you may qualify for tax credits or subsidies. These are monthly tax credits that are paid directly to the insurance company that you choose to do business with. It’s a refundable credit so if you don’t decide to use all of your tax credit then you could get back some of the money when you do your taxes the following year. Here’s an example of how the tax credits work.

Family of four makes $50,000 a year with their modified adjusted gross income. That family would receive an estimated tax credit of $5185 per year or $433 per month. The cost of an insurance plan in their state costs approx. $712 per month. If that family chose to use all of their monthly tax credit then they would have a monthly premium of $279 per month. This is just an example, but many people are getting tax credits. If you are between 100% and 400% of the federal poverty guidelines then you may get a tax credit. Check below:

2015 Federal Poverty Guidelines

Federally facilitated marketplaces will use the 2014 guidelines to determine eligibility for Medicaid and CHIP (this is effective February 10, 2014).

See more at: http://familiesusa.org/product/federal-poverty-guidelines#sthash.rJWhgdCn.dpuf

You can check your own personal tax credit by using this handy calculator here: http://kff.org/interactive/subsidy-calculator/


Application Process

There are many ways to apply, but if you don’t receive a tax credit then you wouldn’t need to apply with www.healthcare.gov. That site is more designed for the ones that do get a tax credit. Even if you do get a tax credit we wouldn’t encourage you to try to conquer this alone. Many people have made mistakes when they have done it themselves or have sought the help of a navigator. It doesn’t cost you anything additional to go with a trusted professional such as an agent and it will take away a lot of the future headaches. If you are unsure if you get a tax credit, then please fill out the application below and we will determine your best options. Even though you are filling out an application you are not applying for anything until we determine your options. At that time if the options make sense you can decide if you would like to enroll or not.


Fun Facts and FAQ's About Health Care Reform

There’s so much information about this new law that we would suggest talking to one of our agents. Our agents are trained to answer all of your questions and guide you in your decision. We have provided a very in depth FAQ link that does provide everything that you may need.

http://kff.org/health-reform/faq/health-reform-frequently-asked-questions/

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“My Husband and I were in need of health insurance and the team at Hometown Benefits Group were great! They helped us find a great plan at a low price. We can't recommend them enough!”

- Tom and Chloe Roberts

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