In real estate it is all about location, location, location. However, when it comes to enrolling on HealthCare.gov, it is all about income, income, income.
An individual's income can make the difference between having a quality health insurance plan for, quite literally, $0 in premiums each month or having very high premiums. In some case, income levels can even keep someone from purchasing health insurance on HealthCare.gov. The HealthCare.gov asks for a projection of a person’s 2014 income. To project this number, an individual may use previous tax returns, pay stubs, or any other documents which record income.
Under the Affordable Care Act Individuals making 100% of the poverty level per year ($11,490 for an individual or $23,550 for a family of four) may qualify for tax credits that will pay most, if not all, of their premiums.
The amount of assistance an individual can receive from the government decreases with increasing income. Those individuals making more than 400% of the poverty level per year ($45,960 for an individual or $94,200 for a family of four) will not receive assistance in purchasing insurance.
Normally, those individuals who are below the 100% poverty line would qualify for Medicaid. However, Missouri legislators voted not to expand Medicaid under the Affordable Care Act. As a result, individuals falling just below the 100% poverty level are often left with no option for cost assistance. This is commonly called the Medicaid gap and leaves individuals without the opportunity to purchase affordable health insurance.
For more information and assistance with figuring out how your income may affect your eligibility for cost assistance from the government, visit us at www.CoverLemay.com or call (314) 691-7469.