If you're like many people, you may be uncertain about the requirements of the law, now a reality after years of debates and challenges. Find out about what your options are.
Note: These provisions may not be applicable to grandfathered plans that existed before healthcare reform.
That’s right — most U.S. citizens must have health insurance or pay a penalty tax, with some exemptions, like financial hardship. Those who choose to go without insurance may face a tax penalty that starts at 1% of income (or $95, whichever is greater) for the 2014 tax year, and go up to 2.5% of income (or $695, whichever is greater) by 2016 1.
If you have health benefits through work, you are covered. For those who do not, new programs have been created to help people shop and pay for their health plan, including Health Insurance Marketplaces and the expansion of the Medicaid program in some states.
All Americans have access to a Health Insurance Marketplace, where they can shop for and compare different health plans. It works kind of like a travel comparison website, only for health plans.
Advance premium tax credits and cost-sharing subsidies will be available to those who are qualified when they purchase individual insurance through the Marketplace. The eligibility is based on family size and income, among other factors. You can use the Tax Credit Eligibility chart below to see if you qualify. To do so, first look up your household size (the number of members in your family), then check the corresponding household income range next to it. If you fall within that range, you may be eligible for financial help. Example: you live on your own and have an annual income of $30,000 and your income falls between $15,282 and $45,960 - the range for a one-member household, you may qualify in 2014. However, if you are offered affordable health benefits through your employer, you may not be eligible for these credits. Talk to your employer for more information about your eligibility.
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This information is only a high-level summary of certain provisions of the health care law. This information does NOT attempt to summarize all provisions of the health care reform law. This information is not and should NOT be used as legal or tax advice; it should not be used as a basis for decisions regarding how the health care reform law will affect you and/or your business. Should you have any questions on how the health care reform law (including the high level summary of certain provisions of health care reform) will affect you and/or your business, you should seek professional advice from attorneys or other advisors.
Insured by Humana Insurance Company, Humana Health Plan, Inc., Humana Health Insurance Company of Florida, Inc., or Humana Health Benefit Plan of Louisiana, Inc. or offered by Humana Medical Plan Inc., Humana Employers Health Plan of Georgia, Inc., or Humana Health Plan of Texas, Inc.
For Arizona residents: Insured by Humana Insurance Company. For Texas residents: Insured by Humana Insurance Company or offered by Humana Health Plan of Texas, Inc.
Our health benefit plans have exclusions and limitations and terms under which the coverage may be continued in force or discontinued. For costs and complete details of the coverage, call or write your Humana insurance agent or broker.