So you are starting to get your ducks in a row to apply for health insurance through Ohio’s health insurance marketplace?
That’s good to hear, you know what they say about being prepared.
During this preparation you realized you had to find out if you qualified for a subsidy through the new marketplace.
For the record, subsidy is just a fancy way of saying money the federal government will give you to help pay for your health insurance.
Also, marketplace is a fancy way of saying applying for health insurance through healthcare.gov.
When you went to try and figure out this number you were probably asked to provide a project income estimation for the year.
But does this include your assets, like your home, savings, retirement or investments?
The simple answer, no. At least not right now.
The fancy accounting number you are going to want to focus on is your modified adjusted gross income.
That’s it.
That is the only amount of money that will determine your income.
Of course, this could change. Right now for the first enrollment in 2014 they were not counted and so far don’t look to be in the picture for the second enrollment in 2015.
If you are “poor on paper” you just want to make sure you aren’t too poor to the point you become Medicaid eligible.
That happens around $15,000 - $16,000.
If you are, you won’t be eligible for any money from the government to help pay for your health insurance.
You figured out how to calculate your subsidy and everything else involved with buying health insurance through the marketplace here.
Watch the short video below for a better understanding of your assets and subsidies.
You can watch this video on YouTube by clicking here. You might also be interested in subscribing to our channel on YouTube so you will never be at a loss for an insurance answer.
This video is part of a five-day-a-week series that promises to answer one of your questions every day we are open for business. If you want to come along for the ride, click the subscribe button on the left:
If you would like some help with health insurance or want to make sure I'm a real human being, you can send me an email, give me a call at 440-964-8211 or talk face to face over the internet.
Giangola Insurance Agency, Inc.
1000 Lake Ave.
Ashtabula, OH 44004
Phone: 440-964-8211
Email: joey@giangolainsurance.com
Monday 9:00 AM - 5:00 PM
Tuesday 9:00 AM - 5:00 PM
Wednesday 9:00 AM - 5:00 PM
Thursday 9:00 AM - 5:00 PM
Friday 9:00 AM - 5:00 PM
Saturday Closed
Sunday Closed