ORANGE, Calif.--(BUSINESS WIRE)--
If you’re looking for health insurance, but you’re unsure if you can afford the coverage premium, you’ll want to check out your eligibility for cost-sharing assistance under the Affordable Care Act (ACA). Your eligibility for subsidy depends on a variety of factors, including your modified adjusted gross income (MAGI), family size, and the cost of coverage in your area.
The ACA’s premium subsidies – in the form of tax credits – are available to eligible Americans with incomes between 100 and 400 percent of the Federal Poverty Level (FPL). The most an individual or family will pay toward their coverage purchased through a federally facilitated marketplace will range from two to four percent of income at 100 percent of FPL to 9.5 percent of income at 400 percent of FPL. Looking at the numbers for 2013, 400 percent of FPL is approximately $46,000 for an individual and about $94,000 for a family of four.
Your MAGI is the amount shown on your Form 1040 plus certain deductions and exclusions you add back, including foreign income excluded from your taxable income, tax-exempt interest, nontaxable Social Security benefits, and IRA contributions.
Using HealthCompare.com, you can easily find a plan that addresses your individual health needs – and satisfies the ACA “individual mandate” that takes effect in 2014.
By providing basic information – like ZIP Code, age, tobacco use, and student status – you can compare dozens of health plans in your area. A recent comparison for a suburban St. Louis, Missouri family resulted in information for 174 plans. And HealthCompare lets you sort results by deductible, premium, or carrier – making it easy to find a plan suited to your specific needs and budget.
HealthCompare was among the first organizations awarded a Web Broker Entity Agreement by the Centers for Medicare & Medicaid Services (CMS). So, in addition to giving you information on available commercial plans in your area, you can use HealthCompare to view plans offered through federally facilitated exchanges operating as a part of the ACA.
Don’t put off your search for affordable health insurance. With the individual mandate set to begin in January, now’s the time to search for affordable health coverage. And unbiased information from HealthCompare can make your shopping easier.
About HealthCompare® and The Word & Brown Companies
HealthCompare® helps individuals and families easily research, compare, buy, and enroll in the right health insurance plan at the right price. Through the HealthCompare.com and Joppel.com websites, consumers have easy access to side-by-side plan comparisons for hundreds of individual and family plans and Medicare Advantage (Part C), Medicare Supplement (Medigap), and Prescription Drug Program (Part D) plans from insurers nationwide. HealthCompare is part of The Word & Brown Companies, which provide insurance services through more than 50,000 brokers to hundreds of thousands of consumers and approximately 60,000 employers with nearly 6.5 million eligible employees.
For more information, visit www.wordandbrowncompanies.com.
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