Post sponsored by Xpress Health & Life, Nixa MO
ACA Insurance Explained
1. What is ACA Insurance?
2. How Can I purchase ACA Insurance?
3. Income & Payback Requirements
1. What is ACA Insurance?
- ACA Insurance is part of the Affordable Care Act
- In some instances, you can receive a tax credit to help you pay for insurance
- You cannot be denied ACA insurance due to a preexisting condition
- You also cannot be charged more for having a preexisting condition
- Qualifications are based on income and the federal poverty level (FPL)
2. How Can I purchase ACA Insurance?
There are three ways to purchase health insurance:
- Your employer
- Health Insurance Companies
- Health Insurance Marketplace (HealthCare.Gov)
Health Insurance Marketplace Enrollment dates:
- The 2020 Open Enrollment period goes from Nov. 1st, 2019 – Dec. 15th, 2019
- If you don’t act by Dec. 15th, you can’t get 2020 coverage unless you qualify for a special enrollment period
- Plans sold during Open Enrollment start Jan. 1st, 2020
- Special Enrollment Period: A time outside the Open Enrollment Period when you can sign up for insurance from the healthcare marketplace (Qualifications: certain life events such as change in income, changing place of living, released from incarceration, losing health coverage, moving, getting married, having a baby, or adopting a child)
3. Income & Payback Requirements
| Total Individual & Family Income |
| Amount You Will Pay for Insurance |
| Income (based on FPL) | Individual Income | Individual Payback | Household Income (Family of 4) | Household Payback |
| <200% | Under $24,280 | Capped at $300 | Under $50,200 | Capped at $600 |
| 200% to 300% | $24,281 – $36,420 | Capped at $775 | $50,201 – $75,300 | Capped at $1,550 |
| 300% to 400% | $36,421 – $48,560 | Capped at $1,300 | $75,301 – $100,400 | Capped at $2,600 |
| >400% | $48,561 & up | Full amount received | $100,401 & up | Full amount received |
Payback Requirements if Estimated Income is Higher Than Expected
As always, if you have any questions contact Jenkins CPA at 417-725-3924 or stop by our office at 204 Village Center St, Nixa MO