Tax Credits – Subsidies to buy Health Insurance are generally available if your income is under $45k for one person & $95k for a family of 4.
To find out the amount of your subsidy just put in your zip code and dates of birth in our FREE Instant CA Quote Engine (Nationwide use KFF.org) you will instantly get the actual premiums, benefits, co-pays, deductibles & coverage’s and can compare plans side by side, click here for Enhanced Silver upgrades.
Then email us your estimated Family – Household Income for 2014 – MAGI Line 37 of your Tax Return. We will send you within two working hours your subsidy calculation just like that shown above. Then just subtract the monthly subsidy from the premiums you instantly viewed from our free quote engine.
Open Enrollment lasts till 3.31.2014, with coverage starting “basically” AB 1461 the 1st of the month after you enroll. This website and our expertise is furnished to you at NO extra charge. We get paid when you select us as your Certified Insurance Agent.
So, basically, what the above calculation shows is that the “average silver” plan – Benchmark Rate would run this couple $397 from which they can subtract the Advance Premium Tax Credit of $303 for a net premium of $94/month, as also shown in the Max % of Income.
Married Couples MUST file jointly to qualify for Tax Credits. (Scroll down after clicking link)
If you already have affordable insurance (less than 9.5% of income for EmployEE and covers 60% of expected costs) from your employer or a government program like Medicare, Medicaid, Medi Cal you won’t be able to get the Premium Tax Credit, coveredca.com but you can still purchase guaranteed issue coverage using the premium and beenfits shown.
One BIG advantage to EmployER provided coverage is that it comes to you and your boss as a TAX FREE Benefit. Have your employer contact us for a free consultation and proposals. If you are contributing to your Employer’s Group Health Plan, your contributions can be Tax Deductible with a Section 125 POP (Premium Only) Plan.
CHFC study 8.14.2013 estimates 50% of applicants will get subsidies.
Not in CA? Use the Kaiser Foundation Calculator - Sample Calculation WITH Explanations of how it works
Check out Health Savings Account’s (HSA’s) to have the deductible tax advantaged.
More on Individual Tax Credits
Tax Credit Calculator
- Income Application Questions?
- Income Chart
- Individual Mandate
- KISS? FAQ’s
§1.36b-1 Premium tax credit definitions
Check out related pages
Subsidy Chart for Individuals
Tool to review what’s better – Group or Individual Compliance
Quotes for Group Insurance – Just send us your census
Participation Rules – I haven’t seen any yet for 2014 – SHOP is 70%
Mandatory (Should) notice to give employees about Health Care Reform
Employer Tax Credit