30 Second Insurance Tips©

Tip 137- Open For Business–Part 1 Of 2

This week Tuesday marks the launch of the ‘Obamacare’ on line health insurance Marketplace. If you are Medicare eligible, shop elsewhere as these Exchanges aren’t for you.

For younger individuals, gain access at www.HealthCare.gov or, with your favorite health insurance agent.

Premiums in and out of Exchanges are basically the same. If however, your income is less than $45,960 (400% of the federal poverty level), federal tax credits may reduce your cost. Experts say those subsidies, only available through the Marketplace, will average 32% of single premiums. The balance paid by you is with after tax dollars.

Employers on average subsidize 70% of single premiums. The balance paid by you is usually with pre-tax dollars.

The Marketplace then, will be a great opportunity for individuals without employer sponsored coverage; especially those with lower incomes.

Note: like any start-up, expect glitches. For coverage to be in force January 1st, you have until December 15th to complete your on line enrollment.