Tax Credits and Subsidies

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 Northwest Financial Insurance agents are affiliated with 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 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 on the open market.