ACA tables

[Pacun]

I have read that if your employer has a health insurance plan but if that plan costs more than 9.5 of your salary, you can apply for coverage on the Exchange. Can someone elaborate on that?

 

 

You pay 95 per adult if you don't have insurance or 1% (if higher) if your salary (after your filing requirement). Let's say a family of 4 (ages 19, 21, 50 and 50) at what point is the break even point? Meaning at what point the penalty is $95 using the 1%)

 

Also, The same family of 4, at what level of income they are exempt from having insurance. (I know this is based on county of residence) So if someone know one of the lowest and one of the highest counties, please share.

 

Are we really ready for this tax season?

[Lee B]

My apologies in advance, if I'm in error since I'm responding without referring to any resources.

 

1.  This refers to employees of employers who are subject to the $2,000 per employee penalty for not providing affordable insurance.

     a.  For 2015 employers with 100 or more FTE 

     b.  For 2016 employers with more than 50 FTE 

 

     If the health insurance premium offered to the employee is deemed to be unaffordable then the employee can go to healthcare.gov

     where if the employee obtains insurance will potentially trigger the ACA $2,000 penalty

 

      Conversely, if the health insurance premiums are deemed to be affordable then the employee is blocked from obtaining insurance from healthcare.gov

 

2.  The penalty is calculated both ways and whichever penalty is higher is the penalty due

 

3.  In my state of Oregon, a single person with income below 15,360, if my memory is working,  qualifies for Medicaid and is not subject to the ACA

[grmy2h]

http://www.nytimes.com/2013/01/31/us/politics/irs-to-base-insurance-affordability-on-single-coverage.html?_r=0

"In deciding whether an employer’s health plan is affordable, the Internal Revenue Service said it would look at the cost of coverage only for an individual employee, not for a family. Family coverage might be prohibitively expensive, but federal subsidies would not be available to help buy insurance for children in the family."