The individual mandate in Healthcare Reform went into effect January 1st, 2014. That means that everyone is now required to carry health insurance. If you don’t work for a company that offers insurance coverage, you must purchase your own individual policy. The US government realizes that this would be a financial burden for many Americans and are offering tax credits and subsidies to help lower the cost of insurance. If your family’s income falls below 400% of the Federal Poverty Level (FPL) you may qualify for financial assistance. If you wish to receive financial help, you must purchase your insurance from the federal marketplace healthcare.gov. Northwest Financial Insurance agents are affiliated with
healthcare.gov and we can help you through the process of filling out an application and choosing the insurance plan that best meets your needs.
This chart will give you an idea if your income qualifies you for financial help:
| Household Size |
100% |
133% |
150% |
200% |
250% |
300% |
400% |
| 1 |
$11,670 |
$15,521 |
$17,505 |
$23,340 |
$29,175 |
$35,010 |
$46,680 |
| 2 |
15,730 |
20,921 |
23,595 |
31,460 |
39,325 |
47,190 |
62,920 |
| 3 |
19,790 |
26,321 |
29,685 |
39,580 |
49,475 |
59,370 |
79,160 |
| 4 |
23,850 |
31,721 |
35,775 |
47,700 |
59,625 |
71,550 |
95,400 |
| 5 |
27,910 |
37,120 |
41,865 |
55,820 |
69,775 |
83,730 |
111,640 |
| 6 |
31,970 |
42,520 |
47,955 |
63,940 |
79,925 |
95,910 |
127,880 |
| 7 |
36,030 |
47,920 |
54,045 |
72,060 |
90,075 |
108,090 |
144,120 |
| 8 |
40,090 |
53,320 |
60,135 |
80,180 |
100,225 |
120,270 |
160,360 |
If you are
below 150% FPL you may qualify for Oregon Health Plan (Medicaid) and other government programs.
If you are between
150% FPL and 300% FPL any children under age 19 will be enrolled in the Oregon Healthy Kids
program on a mandatory basis at no cost and are not included in calculating the premium for the family. The premium will be calculated for the parent or parents and tax credits and/or subsidies will be based on that amount.
If you are
between 300% FPL and 400% FPL, the full family is used in all calculations and children will be included on your policy.
If you are at or
above 400% FPL, you will not qualify for tax credits and subsidies and there is no advantage to purchasing insurance from healthcare.gov. Prices and plans are the same inside and outside the marketplace.
Catastrophic plans are only for those under age 30 or certified as exempt from the mandate by the exchange. Tax credits may not be used to purchase a catastrophic plan.
Remember, as licensed agents we can help you find a plan that will be the right fit for you, whether we shop from healthcare.gov on the open market.
