(If you have already decided that buying through the exchange is the best option for you, go directly to how to buy on the Connecticut health exchange to see plans, prices and to enroll.)
There are currently three ways we can help Connecticut individuals and families purchase health insurance. Each one will be the best for some people, but not for others. The three ways are:
- Buying on the Connecticut Health Insurance Exchange (or Marketplace)
- Buying an Off Exchange Policy
- Buying a “pre-ObamaCare” policy (only available for effective dates before 1/1/2014)
This post will focus on getting coverage through the Connecticut Health Exchange. If you qualify for a subsidy, this will probably be your best option because your net costs are likely to be much lower. If not, one of the other two options may be better for you.
Do You Qualify for A Subsidy (or tax credit)?
The Affordable Care Act has laid out other criteria, but getting a subsidy is primarily based on how much you make. This is based on your household’s Modified Adjusted Gross Income (MAGI), which may be a little lower than your gross income. If your household MAGI is below 400 percent of the Federal Poverty Limit (FPL) for the size of your household, you probably qualify to have your monthly premiums reduced by a subsidy. (Below 138 percent of the FPL, you should probably put in an application for Medicaid.) See the tables below to see if you are likely to qualify for a subsidy or for Medicaid.
|“Obama Care” Limit|
If your expect that your modified adjusted gross income for next year will be between the Medicaid limit and the “Obama Care” limit, you will probably qualify for a subsidy unless you are eligible for affordable health insurance coverage from an employer.
Most people will have a Modified Adjusted Gross Income that is the same as, or very close to, their adjusted gross income (line 37 of a 1040). Here is more information on how to calculate your MAGI,
If you do get coverage from your employer and it is deemed to be unaffordable or doesn’t meet the minimum standards, you may still qualify for a subsidy.
If you need coverage for 2013, you may want to purchase a separate policy that will cover you for the last part of the year and then switch over to an “ObamaCare“ policy. You can request “pre-ObamaCare” 2013 quotes from us or call us for more information.
Contact the Connecticut Department of Social Services if you believe you are eligible for Medicaid. We cannot provide assistance applying for government programs like Medicaid. (Although we can help with Medicare Part C, Part D and Medicare Supplement plans.)
If your gross pay is below the figures above, you probably qualify for a subsidy (or Medicaid benefits). The Open Enrollment Period started on the first of October 2013 and ends in March. You cannot be denied due to a medical condition so long as you apply during an open enrollment period. Your policy can start as early as January 1, 2014.
Here is how to buy on the Connecticut health exchange.
Health Care reform will make life better for some consumers and worse for others. There are important protections built into the law that will benefit many but they come at a cost. Americans are likely to continue the debate in private, in the news and online. However, one thing is for sure for most of the public. Life is a little more complicated now. If you want assistance sorting through your options we are here.
As always, contact us with any questions at 203-374-3645 or 1800-Insurance or via email. As always, you never pay a broker fee for our services. No matter what option you select your price will be the lowest allowed by law when you use our agency (insurance companies pay us some of the money they would have paid one of their employees, but are required to keep your price the same).