2016 Federal Poverty Income Guidelines for Subsidies
/in Affordable Care Act, Affordable Health Care, Affordable Health Insurance, Blog, blog, Comrade Financial Group, DC Health Insurance, DC Insurance Broker, Instant Quote, Insurance Agent, Maryland Health Insurance, Maryland Insurance Broker, Virginia Health Insurance, Virginia Insurance Broker/by Jack FlemingHow to figure out your subsidy for Health Insurance
/in Affordable Care Act, Affordable Health Insurance, blog, Blog, Comrade Financial Group, Customer Service, DC Health Insurance, Insurance Renewals, Maryland Health Insurance, Self Employed Insurance, Virginia Health Insurance/by Jack FlemingWe go over this with clients individually and also have a pretty great website with tools to allow consumers to figure it out. However, we still get questions about fines, coverages and what if’s. That is why we are here and took the time to become certified brokers for all 3 health insurance exchanges in the area.
First of all Maryland Health Connection is for Maryland residents only. Also only if you are eligible for subsidies as you are still allowed to shop off exchange for the same plans. DC Health Link is for all D.C. residents to use for obtaining health coverage if not covered under an employer sponsored plan. The Marketplace for Health Insurance which is the Federal exchange is for Virginia residents also eligible for subsidies as well as the other 35 states that have elected to be a part of the Federal exchange. Virginia residents also can shop off exchange for plans as well.
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So where does that leave us. Oh, yes getting back to the subsidies. Officially they are called advanced premium tax credits. When you estimate your income for the coming year, they are basing your subsidy on that estimate as well as your previous years taxable income. That is not what you earn, but the number that you actually pay taxes on. Use the FPL income guidelines chart to see where your level is. It is based on who is actually on the tax return which translates into household members. Now use the subsidy calculator and input your income and family members. The calculator will give you several numbers as FPL level but you need to use the monthly premium cap number in your calculations. Write it down.
Now choose your carrier and choose carefully. You are purchasing a plan that not only offers benefits but liability levels as well. Be sure to read the plan details and contact a broker if you have questions. When you enter in your home zip code and date of birth into a quote engine, it will generate all the plans that are available to you in your region. Pay special attention to the second best silver plan, which is the ACA benchmark that all subsidies are based on. Once you have the monthly premium amount for the second best silver plan, subtract the monthly premium cap amount from the calculator and that is your subsidy.
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The most common misconception about subsidies is that it has to be used for a silver plan. That is not true. Take your subsidy amount and subtract that from any level plan and that would be your monthly cost. Remember that consumers can report income changes during the year to the exchanges that can increase or decrease your subsidy amount which then reflects your out of pocket monthly premium. If your income goes up you could have a reduction in subsidy or have it totally removed. If your income goes down, report the shortage of income and your subsidy will be increased. If you were overcompensated or under compensated during the year, it will reconcile at tax time with either a credit or a charge.
We hope this post is helpful in your quest to determine your subsidies and as always, we are here to help and be truthful.
Jack Fleming – Insurance Broker
The Co Insurance Question?
/in Blog, Comrade Financial Group, DC Health Insurance, Family Insurance, Maryland Health Insurance, Virginia Health Insurance/by Jack FlemingCo Insurance
Every day I speak to people about their Health Insurance. They rarely know what their Deductible is, and almost always they do not have a clue what their Co Insurance is. This is a major problem because having the wrong Co Insurance could make you liable for a whole lot of charges. Comrade Financial Group will always recommend a 0% Co Insurance for all plans we offer Individuals and Families.
What is Co Insurance?
Your Co Insurance is above and beyond what you would pay after your deductible is met. So you tell me that you have a $1500.00 deductible! That is great, but your co insurance is 20%. So lets just say that you incur medical bills in the amount of $15K. You would pay your deductible of $1500, then 20% of the remaining $13,500. Some carriers don’t have Co insurance lower than 40%!
Make sure that your Health Insurance plan has a 0% Co Insurance!
Jack Fleming – Insurance Broker
Grand Opening for Comrade Financial Group
/in DC Group Health, DC Health Insurance, Maryland Group Health, Virginia Group Health, Virginia Health Insurance/by Jack FlemingJack Fleming is proud to announce the grand opening
of Comrade Financial Group. Choosing a business name
is really pretty difficult. After you type in hundreds of
names and finally find one that’s not taken, then you have
to look up every conceivable definition of that name.
I chose Comrade Financial Group for many reasons.
First Comrade is defined as friend or ally in over 60
different languages. As a Veteran of the U.S. Army
having served in the Gulf War during Desert Shield
and Desert Storm of 1991, I know what a comrade is.
My fellow Paratroopers in the 82nd Airborne Division
helped me learn and live by the rules of Honor,
Dedication, Hard Work and always moving forward.
I have applied these same principles to my agency of
helping those that would other wise not have a full
understanding of the Insurance world. We all know we
need insurance, but what is the best product for you
and your needs at any specific time in your life? That’s
why I have started my agency to help clients understand
the big picture. I will be here for you and your needs.
Also a great big Thank You to all of my friend and family
that have helped me achieve my dream. I look forward to
serving you and your family’s needs.
Jack Fleming
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Sterling, Virginia location – By Appointment Only
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