The Affordable Care Act
The Affordable Care Act, also known as Obamacare, seeks to increase the quality and affordability of health insurance, reduce the number of uninsured people and reduce the costs of health care.
Requires all plans to include FREE preventive services such as:
Financial Assistance for Individuals
Under the Affordable Care Act, a new tax credit called an Advance Premium Tax Credit (APTC) is available, if you qualify, that can help you afford coverage purchased. Unlike tax credits that you claim when you file your taxes, these credits can be used right away to lower your monthly premium costs. If you qualify, you may choose how much to apply to your premiums each month and whether you want to leave some unclaimed until you file your taxes.
You may also be eligible for savings, called Cost Share Reductions, when you access care to help reduce things like co-pays, deductibles and coinsurance. The amount that you qualify for will depend on your family income and family size. Lower income families and individuals get the most help.
You will learn exactly how much you can receive when you enroll.
Employer Tax Credits
An employer with fewer than 25 full-time equivalent employees making an average of about $50,000 a year or less (not counting the business owner or family members) can qualify for a tax credit for sponsoring employee health coverage.
To qualify for the Small Business Health Care Tax Credit, an employer must pay at least 50 percent of full-time employees’ premium costs. Employers do not need to offer coverage to part-time employees or to dependents.
The tax credit is worth up to 50 percent of your contribution toward your employees’ premiums (up to 35 percent for tax-exempt employers). Small Businesses can use our Small Business Tax Credit Calculator to get an estimate of their potential financial assistance.
Calculate Your Savings
Use savings calculator to see if you will be able to lower the cost of your health insurance.
Help and Assistance
ND Navigator provides education on the topic of affordable health insurance options. They can provide assistance with enrollment and the application for financial assistance to reduce your monthly costs. Call us at 1-800-233-1737 or e-mail firstname.lastname@example.org
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