The Affordable Care Act provides insurance coverage for everyone, regardless of age, pre-existing medical conditions, or if you have been denied coverage in the past. One concern many people have is how much it is going to cost them to have one of the mandatory insurance plans. Under the new laws, there will be options for every single person, regardless of your income level. Additionally, the federal government is making it possible for all eligible Americans to afford the costs through several incentives.
The incentives supplied by the federal government will depend upon your income levels, as well as whether you have an employee sponsored plan. First, there are going to be tax credits for both individuals and families meeting certain income levels who do not receive coverage from their employer. The tax credits are spread out over the course of the year, rather than when you file your tax returns. Each month, a credit is applied to the cost of your insurance premium, and you only pay the difference.
Further, free Medi-Cal assistance is being expanded to not only cover those over the age of 65, but also Californians with disabilities, individuals earning less than $15,000 annually, and families of four marking less than $31,180 annually. Additionally, cost-sharing subsidies are going to be created in order to help people further reduce their out-of-pocket medical expenses. These subsidies were included as provisions in the Affordable Care Act and are designed to reduce medical office-visit copayments and prescription costs for those who qualify. You can determine your costs of coverage under the new plans by using our online insurance tax credit calculator, or by contacting us directly.