One of the key elements of the Affordable Care Act, or Obamacare, was 
idea that insurance should be affordable for everyone. For those who have difficulty paying for health insurance, the law provides subsidies to reduce monthly premiums, deductibles, co-payments and other expenses out-of-pocket. However, studies have shown that nearly two million people who are likely eligible for grants could be missing out. Here are some common reasons, they may not receive the aid.
Misunderstanding eligibility requirements
Under the new law, a person or family whose income is between 100 and 250 percent of poverty (a single person household making between $ 11.700 and $ 29.425 per year, or a family of four making between $ 24,250 and $ 60,625 per year) would be eligible for some type of subsidy if they purchase a silver medal Plan -level or above. There are also cost-sharing reductions for a person whose income is as high as 400 percent of the poverty line, but they are a bit different grants. In 2015, there were more than eight million people who fell into this category, but less than six million actually got discounts.
The grants are available not realizing
Another reason many people might miss on available grants is that they do not know that these discounts are available when they are on a health insurance plan through an employer. The law prohibits anyone who has, Äúaccess affordable, insurance, health at by the employer to benefit from subsidies, but that's it, significant AOS to read the fine print.
If an employer does offer insurance that meets the minimum criteria to be considered the norm (ie profits are lower than a Bronze level plan includes on trade) or if the purchase costs of a plan to use, AOS health insurance exceeds 9.5 percent of individual income, OSA, they are eligible for grants. In calculating eligibility, an individual to use their modified adjusted gross income (MAGI of) their taxes, Äîthis figure is calculated after deduction is taken.
Forgetting to report changes in income
When someone AOS changes in household income, especially if it, AOS decline due to loss of employment, downsizing, or other similar situations, they should be sure to point out that the change in insurance purposes. Even if they weren, eligible AOT before, the changes in their financial situation may have changed the calculation so that their premiums are now more than 9.5 percent of their total income.
Working for a small company
Although there are specific rules for small businesses that have employees fewer than 50 full-time equivalent ago special tax credits and other grants available for very small employers with 25 or fewer employees. This can help to reduce costs even more for the employee and the employer.
Conclusion
Companies and employees must have a good understanding of what grants are available and the eligibility requirements for these grants so they can keep their own as low health insurance premiums as possible. Avoid some common errors and misunderstandings can help reduce the chances that your employees are among the 2.2 million missing persons in these cost savings in 2015.
Do you have questions about your eligibility employed, AO for grants? Ask us in the comments below.
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