Your Source for Health Reform

Topic: Financial Assistance

Financial assistance is available to lower- and middle-income people buying plans on the Marketplace in the form of tax credits and cost-sharing reductions. People with income up to four times the federal poverty level can pay reduced premiums, and those with income below 250% can have lower out-of-pocket costs, such as deductibles and copays. About 80% of people enrolling in first round qualified for assistance.

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Form 1095-A Timeline

A January 2015 news article summarizes when consumers who purchased 2014 federal marketplace plans will receive a new tax-filing document from the marketplace. The article explains what consumers should do if they do not obtain the form 1095-A.

Immigrants, the ACA, and Tax-Filing

In a November 2014 question and answer, the National Immigration Law Center addresses immigrants’ concerns when applying for health insurance or filling out tax returns.

IRS Info on Form 1095-A 

This December 2014 fact sheet from the IRS details what information will be included in the new document sent to all consumers who purchased 2014 coverage through the federal marketplace. The Form 1095-A records the monthly premiums and the tax credits.

Applying for Premium Tax Credits for 2015

This September 2014 question and answer from Consumers Union explains how individuals report their income when applying for financial assistance for a marketplace plan.

How 21-Year-Olds Can Avoid Premium Hikes

Returning to the marketplace can mitigate cost increases due to aging. In a November 2014 blog post, Kaiser Health News explains how 21-year-olds can benefit from re-applying for coverage during the 2015 enrollment period.

Top 5 ACA Facts for Small Business

This November 2014 webinar from the Small Business Health Collaborative gives an overview of the healthcare reform law and explains how both individuals and small business owners can get group health insurance and qualify for financial assistance.

Financial Assistance in the Marketplace

This October 2014 brief from the Kaiser Family Foundation answers questions about the two types of health insurance subsidies available to lower- and moderate income families – the premium tax credit and cost-sharing subsidies. It explains who is eligible, what amounts are available to people, and how the assistance will be provided.

Premium Tax Credits and Domestic Violence Survivors

This press release from the U.S. Department of the Treasury explains a legal exception for domestic violence survivors in securing premium tax credits on the health insurance marketplace. Traditionally, people who are married must file taxes jointly to receive a premium tax credit. Survivors of domestic violence may claim head of household and still receive premium tax credits.

Taxi Driver Affordable Coverage Options

This fact sheet from the Enroll Chicago Small Business Initiative can help answer any questions taxi drivers might have about enrolling in quality health coverage through the new Illinois health insurance marketplace, Get Covered Illinois, and help them choose a plan that best fits their needs and those of their families.

The Premium Tax Credit

The tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes who buy insurance coverage through the Health Insurance Marketplace. This guide from the IRS explains how to determine whether you are eligible, choosing whether to take the credit now or later, and how to claim the credit on your federal tax return.

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