Individuals –
Three options for health insurance in 2014
- Get coverage through their employer, if available.
- Buy a plan through either:
- The individual market exchange.
- The traditional market
- Go uninsured and pay a penalty, unless exempt.
Subsidies and credits for individuals –
Those who do not have access to affordable, minimum essential health coverage can buy a health plan from the exchange and get a credit or subsidy if they meet income requirements. Credits and subsidies help with the cost of premiums and out-of-pocket health care expenses.
Income requirements –
100% to 400% of federal poverty level
- For an individual that equals $ 15,282 to $ 45,960 per year (in 2013)
- For a family of four that equals $ 31,322 to $ 94,200 per year (in 2013)
Those that meet the income level can get a tax credit that may be applied to any level exchange plan (bronze, silver, gold or platinum).
The cost-sharing subsidy is available to those who earn up to 250% of federal poverty level and enroll in a silver exchange plan only.
Individual’s share of premium is no more than 9.5% of income.
