- Insurance premiums in Individual and Family health Insurance has increased 175-250% over the past 4 years. The folks who buy this type of insurance are small business owners that can’t afford to pay for insurance for all their employees, folks who lost their high paying job and are working part time, students or private contractors. Individual insurance was true insurance prior to Obamacare. It was underwritten for health, so the cost was kept down and was more affordable to the many.In 2018 it is forecast that premiums for these folks will increase another 20%. So it is a good idea, to understand what is involved in getting a tax subsidy to help pay for your insurance premium. Know what determines your eligibility.
- The age of each person (DOB ensures you have the exact age)
- Your zip code.
- The household taxable income. You can find this number on line 37 of your tax return.
If your taxable income is more nuanced or will be different from the previous year, you can use the graph below to help determine if your household qualifies for a subsidy.
There are many nuances and things to watch out for, for example, notice the rectangles that say Medi-Cal for adults, Medi-Cal for Kids… these are thresholds, in other words, you and your spouse may qualify for subsidized insurance, but your children have a lower threshold to qualify for Medi-Cal, so they could be put on that program, and then it is difficult to change.
Another way to go about it is to use the Calculator at www.coveredca.com
Better still, contact a certified agent before you make any mistakes… we would much rather help you
before you make mistakes that create a huge project.
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