Affordable Care Act (Healthcare Reform) and Multicultural Populations cont.

Dec 11, 12 Affordable Care Act (Healthcare Reform) and Multicultural Populations cont.

We continue our 12 part blog series on the Affordable Care Act and Multicultural Populations.   

Can I buy my own health insurance? – Part 3

By Martha C. Rivera, Director, Strategy and Insights, and Monica Martens, Junior Executive

In today’s day age we are bombarded with information from celebrities to politics. However, sometimes the most important information gets lost somewhere in between. As many Americans know, beginning in 2014 individuals will be required to maintain minimum essential coverage or pay a penalty, that in practice is to be executed in 2016. What does this mean for you? And does this apply to you? These are questions we should all be asking ourselves.

If your employer provides you with a health care plan your insurance benefits will not change.  However, only 38% of Hispanics receive employer-based health insurance compared to 62% of Non-Hispanic Whites.

If your employer does not provide you with health insurance then you are eligible to purchase insurance through an Exchange. Does your income fall between 138% over the federal poverty level (FPL) and less than 400% over the FPL? Then you are considered a subsidized individual and are eligible to purchase insurance through an Exchange. If your income is over 400% FPL then you are considered an unsubsidized individual and, if qualified, have access to an Exchange.  Other ways to see if you qualify is if your employer’s health insurance plan premium exceeds more than 8% of your family income. Then you are also eligible to purchase a different insurance plan through an Exchange or stay with the one you have. If your employer’s plan covers less than 60% of the health expenses then you are also eligible to purchase insurance through an Exchange.

Income:
Between 138%-400% of the Federal Poverty Level (FPL) = Subsidized Individual, eligible to an Exchange
>400% of the FPL = Unsubsidized individual, if qualified access to an Exchange

Employer’s Plan:
Premium > 8% of income = eligible to purchase a different plan through an Exchange or keep current one

Look for Part 4 of our Affordable Care Act and Multicultural Populations in a future blog.

Sources:
How People Get Health Coverage Under the Affordable Care Act Beginning in 2014. The Henry J. Kaiser Family Foundation.

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