Insurance
Quote Tools
On Screen Results!
No Contact Information Required.
Under Age 65 Health Insurance Quotes – See If You Qualify & Search Plans
Open Enrollment for 2024 Marketplace health insurance starts November 1, 2023, and runs thru January 15, 2024.
Enroll by December 15th for a January 1 start date or January 15th for a February 1 start date.
There is currently a year-round SEP (Special Enrollment Period) for persons with incomes 100% – 150% of the Federal Poverty Level.
For 2023 these FPL income levels are $13,590 – $20,385 (100%-150%).
For 2024 these FPL income levels are $14,580 – $21,870 (100%-150%).
The income you list for the upcoming year is only an estimate. Most people do not know their future income. (Read below.)
Examples of SEP events are losing other insurance coverage (employer), moving out of area, getting married, and having a baby.
If you do not fit into a SEP, you can get an idea of the rates by selecting any Qualifying Life Event when using the Quote Tool.
Online results, no email required.
To best understand your options, pricing, and who qualifies, please read the brief overview below.
According to CMS.gov –
“Four out of five enrollees will be able to find a plan for $10 or less/month after premium tax credits, and over 50% will be able to find a Silver plan for $10 or less.”
Who Qualifies For Premium Tax Credits?
Who Qualifies For PTC?
Premium Tax Credits vary with income level. People under age 65 with incomes below 400% of the Federal Poverty Level may qualify for a PTC. For 2024, 400% of the FPL is $58,320 for an individual, $78,880 for 2, etc. (excluding Alaska & Hawaii). Higher incomes can apply, but they may or may not be eligible for Premium Tax Credits. (High-income earners, see below.)
Low-wage earners should contact their state’s Medicaid Office. Contact me if you do not qualify for or want Medicaid; Texas is a bit different and may require adjusting the income estimate.
What Determines PTC & Cost?
A formula is used which includes your upcoming year’s income estimate and the number of people you include on your tax return (spouse & dependents). You must file an IRS tax return to qualify for a Premium Tax Credit, and your account will be reconciled annually when your actual income is determined.
Generally, people over the age of 65 are no longer eligible for a Premium Tax Credit if they are eligible for Medicare.
When you file your taxes for the year, you will use form 8962 and the government will send you form 1095-A to reconcile your Premium Tax Credit from estimate to actual earnings. If you under-estimated your income you may have to pay more, the amount owed for a year is currently (2023) in the range of about $350 – $900 – $1,500, for an individual, depending on the income level, a family’s payments could be about double that amount.
Truly free quoting tool. – No Contact Information Required.
High income earners, please see the information below for how the Marketplace applies to you, and for other options.
Using The Marketplace Quote Tool
Discounts are based on several things including income and your household size. You estimate your upcoming year’s income, add your household size, and the quote tool will estimate your Premium Tax Credit (PTC) saving.
Then scroll down to see insurance plans, plan information, and the estimated plan cost after your PTC is applied.
How To Estimate Your Income
For your income estimate, you use your MAGI – Modified Adjusted Gross Income, in other words, your gross income less any acceptable deductions and adjustments. You can modify your income estimate if it changes during the year.
See you accountant and government website page: https://www.healthcare.gov/income-and-household-information/income/
It is not required that all members of a household apply, children may be on a CHIP program or adults on Medicare, but you still must specify the number of people in your taxable household, such as the tax filer, a spouse, and dependents, and use the total adjusted income amount of that household.
Which Insurance Plan To Select
It is often best to select a “Silver” insurance plan for the best savings and benefits, but it varies. (See government page: https://www.healthcare.gov/lower-costs/save-on-out-of-pocket-costs/ )
Quotes may need zip code, age, and gender to form a quote, but not your name or email, unless you elect to enroll in a plan.
After getting an insurance quote, if you want to self-enroll,
you can still contact me with your questions.
400% of Federal Poverty Level (FPL) for 2024 (excluding Alaska and Hawaii) is $58,320 for an individual, $78,880 for 2 people,
$99,440 for 3 people, $120,000 for 4 people, and up. (See government page: https://www.healthcare.gov/taxes-reconciling/ )
High Income Earners
While high-income earners may or may not qualify for any Premium Tax Credit (PTC), high earners may still apply for health insurance on the Marketplace. Run a quote to see what your cost would be.
CMS Quote: “If your income is above 400% FPL, you may now qualify for premium tax credits that lower your monthly premium for a 2022 Marketplace health insurance plan.”
Prior to 2022, household incomes over 400% of the Federal Poverty Level did not qualify for any Premium Tax Credit (unless certain conditions). According to CMS.gov there may now be PTCs for incomes over 400%.
See: https://www.healthcare.gov/glossary/premium-tax-credit/
This gets a bit complicated, but basically, for 2021 through 2025 (5 years), people purchasing coverage through the marketplace do not have to pay more than 8.5% (8.39% for 2024) of their household income and may get PTCs.
If a household uses Premium Tax Credits to reduce their cost, but their actual income exceeds the government limits, PTCs may be lost, and any PTCs used may have to be repaid to the government.
High-income earners can use the Marketplace with or without any PTCs or they may contact me for a
quote of Off-Marketplace health insurance plans or hospital indemnity plans with no obligation to enroll.
Currently, the quote tool does not calculate Off-Marketplace plans.
High incomes earners may want to consider non-insurance options such as hospital indemnity plans and health-sharing groups. These options do not qualify as health insurance, but since 2019, the federal tax penalty for not having health insurance is set to zero, making these options possible alternatives at this time.
Located in west Fort Worth, TX
(817) 874-7569 -- -- Call or Text
Marilyn Kaye Walker
mk@marilyn-kaye.com
Visit Resource Pages
Several pages of sharing.
These pages include some tips & helpful links.
Ad
By signing up for my newsletter you are giving me permission to contact you by email.
