Consumers have until midnight Monday to apply for health care coverage starting Jan. 1 through Covered California, the state's new health insurance exchange. To get a federal subsidy to offset premiums and in some cases out-of-pocket costs, you must purchase a policy through the exchange. If your 2014 modified adjusted gross income is between 138 and 400 percent of the poverty level for your household sized, you will qualify for a premium subsidy for a policy purchased on the exchange. If your income is between 138 and 250 percent of poverty, you also may qualify for a subsidy to offset co-payments, deductible and other out-of-pocket costs if you purchase an enhanced silver policy. If you qualify for Medi-Cal, Medicare or qualified health insurance at work, you cannot purchase a Covered California policy. Thursday the Obama administration said it would waive the so-called individual mandate for people whose individual policy was canceled. The mandate requires most Americans to have qualifying health insurance in 2014 or pay a tax penalty unless they meet certain exemptions. The new policy says that having your health insurance policy canceled as a result of the Affordable Care Act will qualify as a hardship. Because 2014 and 2013 tax returns have not been filed yet, Covered California will ask for your 2012 income, and projected income for 2013 and 2014. If the 2013/2014 income projections are more than 10 percent more or less than 2012 returns, the enrollee is notified and has 90 days to submit documentation as evidence of the inconsistency, Covered California spokeswoman Anne Gonzales said in an e-mail. If you qualify for a tax credit, you can have it applied directly to your health insurance premiums, thus reducing your monthly cost.
Reported by SFGate 1 day ago.
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