What is a Premium Tax Credit and Cost sharing...

   

Find out here: 2016 Federal Poverty Level Guideline Chart      ACA TAX PENALTY CALCULATOR

If you fall around 250% of the poverty level on the chart or below you will probably qualify for a Tax Credit...the lower the Poverty level percent (185%, etc.) the larger the tax credit you will receive.  There are different levels of Cost Sharing depending on income and family size.  You will have to apply to find out exactly what you qualify for; as far as a Cost Sharing amount.

  

Premium Tax Credit: Lowers what you pay for your health insurance premium.  Example: Health Insurance Cost is $350/month. The Federal Exchange might pay $200 a month of your premium and you would owe the balance of $150/month.

Cost Sharing: If you fall with in certain Federal Poverty Level Guidelines you may receive a lower Health Insurance Deductible, Co-Insurance, Co-Payments or Out of Pocket Max.  See if you qualify for a Tax Credit or Cost Sharing.

Questions: 971-327-5792

WHAT IS CONSIDERED A QUALIFYING EVENT:

Loss of Employer Health Plan, Moving to a new State, Permanent move to a new coverage area, Marriage, Divorce, Domestic Partnership Registration, Birth, Adoption, Placement for Foster Care, Oregon Health Plan Ends, Government Plan ends, Incarceration ends or gaining lawful presence.

WHAT IS NOT CONSIDERED A QUALIFYING EVENT:

Being Diagnosed with Cancer, Breaking your Leg, Heart Attack or Stroke, Pregnancy, Loosing your health insurance due to non-payment.  Basically having a need for insurance due to illness or injury.

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