Health Insurance Individual & Family
Are your looking for affordable health insurance?You might qualify for an "Advanced Premium Tax Credit" (APTC) that could be applied to your health insurance premium if purchased through the Idaho marketplace (Your Health Idaho). This credit is determined based on your expected income for the year and household size.
Important Dates:Every year (between October 15th and December 15th) is Open Enrollment for the Heath Exchange. This is your time to enroll for the first time or make a new health plan selection. You might qualify at other times of the year if you have a life-changing event (such as moving, loss of employment or a change in household size).
Take Note:To qualify for an Advanced Premium Tax Credit (APTC), you cannot have coverage from an employer that is considered “affordable”. If your employer offers you “affordable” health insurance and you decline, you don’t qualify for APTC to help pay your premiums on the health exchange. You can still purchase a plan on the exchange (during open enrollment or another special enrollment period) just without the tax credit. In other words, you will pay the full premium price.
So that begs the question, what is considered “affordable”? It comes down to what the employee’s portion of the premium is for the lowest-priced plan that you are offered. For the year 2022, if your premium is greater than 9.61% of your annual household income, or if your plan is not considered minimum essential coverage, you might be able to file an appeal to have your coverage reviewed for APTC eligibility. Give me a call and let’s talk about your situation. The second point to note: APTC is based on your adjusted annual income. If your income is above what you anticipate, then you will likely have to pay back the excess when you file your tax return. If on the other hand, you make less, you will potentially get a refund. (Please talk to your tax advisor to determine your income.) The last point that we want to highlight: There is a minimum income threshold, based on family size, that must be met to qualify for APTC. If you don’t meet the minimum income limit, then you might qualify for Medicaid. Again, let’s talk about your unique situation. FREE Enrollment Help:Let me help guide you through this process. As your Agent, I am able to help you with your application for the Advanced Premium Tax Credit and with the selection of a health insurance plan that meets your needs. Please use the link above to the right to schedule a time that would work for you to talk or give me a call. 208-869-8024
I look forward to working with you! ~Robert |
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