5 Items to Know When Applying for Health Insurance Coverage on the Marketplace
by Heather Mosher

5 Items to Know When Applying for Health Insurance Coverage on the Marketplace

1) Income

Not just straight income, but Modified Adjusted Gross Income.  Here is a good website to help you determine what is considered when figuring this number out for yourself:  http://www.dhcs.ca.gov/individuals/Documents/2013-11%20MAGI%20Summary%20with%20DHCS.pdf

Remember, if there is more than one income earner in a household, this number reflects the total of all income earned for the year.

2) Household Size

When determining your household size, here is who you should include:

  • Yourself
  • Your spouse
  • Your children who live with you, even if they make enough money to file a tax return themselves
  • Your unmarried partner who needs health coverage
  • Anyone you include on your tax return as a dependent, even if they don’t live with you
  • Anyone else under 21 who you take care of and lives with you

3) Tobacco Usage
Whether or not you use tobacco can have an impact on your cost.

4) State of Residency

Each state is responsible for administering their own health insurance marketplace, or doing so in cooperation with the federal marketplace.  The state you live in will determine the rules you follow.

5) Is Employer Coverage Available?

If you have coverage available to you through an employer there are some additional questions and considerations that could impact your tax credit or subsidy.  The cost of your employer sponsored plan will have to be put through the affordability equation.

For additional information on the Affordable Care Act, or help in determining the path that is best for you, contact Health Insurance Advisor Heather Mosher at VAST at 906-315-7235 orheatherm@vastsolution.com.

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