Nov 6, 2013
The application process can be confusing. Let us help you with listing what sort of information you will need to provide in order to sign up for the Affordable Care Act.
As we move towards January 1, 2014, and the full implementation of the Affordable Care Act, you may want to find out if you qualify for lower costs on Marketplace coverage, you’ll need to provide information about your household members and income. The Marketplace application includes detailed instructions. It makes calculations using the information you provide to determine whether you’re eligible for lower costs. To better prepare you apply, here is a list of the Do’s and Don'ts.
Reporting on your household
When filling out your application, do include:
Do not include:
Estimating your income
When you apply for lower costs in the Marketplace, you’ll need to estimate your income for 2014.
You can start by adding up the following items for:
For each of the following sources, estimate what your income will be in 2014:
Other items to include when estimating your 2014 income are:
DO NOT include the following:
Modified adjusted gross income and household income
When you fill out the Marketplace application, your estimated household income will be calculated using the information you provide. Your household determines your eligibility for lower costs on Marketplace coverage.
Your household income is your modified adjusted gross income (MAGI or joint MAGI if you are married), plus the MAGI of your dependents who make enough money to have to file a tax return.
MAGI are generally your adjusted gross income plus any tax-exempt Social Security benefits, except for Supplemental Security Income (SSI), which is not counted, tax-exempt interest and tax-exempt foreign income.
You don’t have to figure out your household income or MAGI yourself when you fill out your application. It will be done for you with the income information you include on your application.
Partner Agency can provide you with professional expertise in understanding your health care options, and guide you through the application and eligibility process. We can offer you affordable health care coverage through Covered California or directly with medical insurance carriers for Individuals & Families or Employer Group coverage for groups of any size. Please feel free to contact us for a complimentary quote from various companies for almost any kind of insurance at (714)482-9500.