Greensboro, NC -- What if you get healthcare from your job, but you look at the plans offered in the Affordable Care Act Marketplace and see a better deal?
Tony Gutierrez with JBA Benefits says you need to ask your Human Resources person if the work health care plan meets the two federal requirements (covers 60% of he minimum value and 9 1/2% of the employee premium).
"If you have employer-sponsored coverage that meets two federal requirements, then you and your family are not eligible for government subsidies on the Marketplace. Even though you have employee-only coverage, it is deemed by the government to be affordable for you and your family even though you look at the numbers and can't afford family coverage."
Tony has a word of warning if you think about going around the government.
"If you enroll in the marketplace and have employer-sponsored coverage and inadvertently skip this question or don't think it's important, you may initially receive government subsidies to help pay for your health coverage that you may not be eligible for. In that case you may owe all those tax credits back at tax time which could be thousands of dollars. I'm concerned that many people may not fully understand the implications of this decision."
Here's something new that goes along with the new health care plans: if you are getting a tax credit for health care you have to file a tax return.
"If you receive a premium tax credit, you must file a tax return. at the end of the year the tax credits received will be reconciled with your actual household income when you file your taxes, so it is important to adjust your household income in the marketplace if it changes during the year."
Tony is a member of the NC Association of Health Care Underwriters which has a website to help consumers find a licensed certified Marketplace agent in their local area to consult with. Check out HealthCareNC.org