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Determining Your Household Size for Premium Tax Credit

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Determining Your Household Size for Premium Tax Credit

When applying for a premium tax credit, one of the most important factors determining eligibility is household size. Understanding your household size and how to correctly report it is essential for receiving the right amount of tax credits. Household size includes the primary applicant and any dependents on their tax return. It can also include individuals who may not be related to the primary applicant. In this blog, we’ll explain how to determine your household size. You’ll learn how to report your household size when applying for a premium tax credit.

Who is Eligible for Premium Tax Credits

Under the Affordable Care Act, individuals and families who buy health insurance through the Health Insurance Marketplace can be eligible for premium tax credits. These credits are based on income, cost of insurance, and family size. To qualify, individuals must meet certain income requirements. They can have no access to employer-sponsored health insurance. Lastly, they cannot be eligible for other programs like Medicare or Medicaid. The size of the premium tax credit depends on a household’s income and the cost of their insurance plan. People with lower incomes or higher insurance costs will receive larger premium tax credits. Premium tax credits can lower the amount an individual or family has to pay for health insurance each month. Moreover, the credits can be used to reduce the amount they owed on their taxes.

What are Premium Tax Credits?

Premium tax credits are a critical financial resource for many American families. These tax credits can be used to purchase health insurance and to help lower the cost of insurance premiums. Premium tax credits are available to people with incomes between 100% and 400% of the federal poverty level. These credits are based on factors such as family size, income, and geographic area. Premium tax credits can significantly reduce the amount of money individuals and families have to spend on health insurance premiums each month. This makes health insurance accessible and more affordable. By helping to reduce the cost of health insurance, premium tax credits can help individuals and families access the health care they need.

What Kind of Marketplace Health Insurance Plan can Someone Buy with the Credit?

With a premium tax credit, individuals and families can purchase a health plan through the Health Insurance Marketplace. These plans divide into four metal tiers: bronze, silver, gold, and platinum. Bronze plans have the lowest premiums and highest deductibles, while platinum plans have the highest premiums and lowest deductibles. Individuals and families can choose a plan that best suits their budget and health care needs. All plans offered through the Marketplace are comprehensive and must cover a range of health care services. These include preventive care, hospitalization, prescription drugs, and mental health services. Additionally, plans provide specific essential health benefits and protect against high out-of-pocket costs.

More about Eligibility

To be eligible for a premium tax credit, an individual or family must meet certain criteria. Generally, individuals and families making between 100% and 400% of the federal poverty level. Hence, they are not eligible for other types of health coverage. For instance, Medicare or Medicaid can receive a tax credit. Additionally, individuals and families must purchase a health plan through the Marketplace to be eligible for a premium tax credit. The amount of the premium tax credit is based on the estimated household income and family size. It is also based on the cost of the second-lowest silver-level health plan in the Marketplace. The premium tax credit helps to pay for the monthly premiums of a health plan purchased through the Marketplace.

What is the Federal Poverty Line for Premium Tax Credit

The federal poverty line determines eligibility for a premium tax credit. The poverty line is determined by the US Department of Health and Human Services. It is based on household size and income. Generally, individuals and families who make between 100% and 400% of the federal poverty level. They are not eligible for other types of health coverage, are eligible for a premium tax credit. For example, the 2023 federal poverty line for an individual is $14,580. Meanwhile, the poverty line for a family of four is $30,000. These amounts vary by family size and may change based on inflation and other factors.

Ultimately, understanding and correctly reporting your household size is essential for receiving the right amount of tax credits. Household size includes the primary applicant and any dependents listed on their tax return. It also includes individuals not related to the primary applicant. It is important to be aware of the factors that can affect your household size. These factors include as marriage, divorce, and adoption. Make sure you understand the different factors involved in determining your household size. This can help you receive the right amount of premium tax credit.

That’s where Healthedly comes in. Our agents are ready to answer your questions about premium tax credits, open enrollment, and health insurance eligibility, plus so much more! Give us a call at 855-522-2201 for more information!

What you need to know about Open Enrollment Period

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Open enrollment with Healthedly

Everything you need to about Open Enrollment this year

Open Enrollment period, the most wonderful time of the year, is upon us. This period usually happens at the same time of every year, from November to January, and gives people the opportunity to find the right coverage that fits their individual needs, financial situation, and employer network. 

Here is everything you need to know about open enrollment for 2023 and finding the right health insurance coverage. 

When is Open Enrollment?

November 1, 2022 marks the day Open Enrollment begins this year. Starting November 1, you can enroll or re-enroll in health coverage for 2023, or even change that insurance plan. 

Dec 15, 2022 is the last day you can enroll or change up your plan for any coverage set to start on January 1, 2023.

2023 coverage becomes effective on January 1, 2023 for anyone who enrolled by December 15. 

February 1, 2023 is the day that health coverage begins for those who enrolled between December 16, 2022 and January 15, 2023. 

What do you need for Open Enrollment?

Make sure you have all the information necessary to enroll, as well as information for your dependents if applicable. Ensure you have all your IDs on hand as well as your employer and income information. Also, you may get savings on health coverage. 

What is the ACA?

The Affordable Care Act, or Obamacare, makes health insurance accessible to individuals and families who otherwise couldn’t obtain insurance. You can talk with an agent TODAY at 855-522-2201 about what you are eligible for and the kind of healthcare coverage you can access. 

Open Enrollment Period is here, and if you aren’t sure where to even start with health insurance, what you qualify for, or the insurance quote you might be eligible for, then you need to know that Healthedly is here to help! Our agents are ready to help you find the best coverage for your individual needs, so don’t hesitate to get started TODAY!

The Quick and Easy Guide to Open Enrollment for Health Insurance in 2023

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A stethoscope and an open enrollment medical insurance form.

Open enrollment for health insurance in 2023 will be here sooner than you might think.

The earliest you can sign up for 2023 coverage through the federal government health insurance marketplace is Nov. 1, 2022, according to Healthcare.gov. General enrollment ends on Jan. 15, 2023.

It’s crucial to have a plan and make sure you find and purchase the health coverage you need before the open enrollment period ends. Otherwise, you may not be able to secure coverage or need to wait to see if you qualify for a special enrollment period.

There are plenty of questions about open enrollment for 2023. We’ll answer some of the most frequently asked questions to help you make a more informed decision about your health care and insurance coverage.

Can I get Health Insurance Outside of Open Enrollment in 2023?

Yes, but only if you have a qualifying life event during that time. The Kaiser Family Foundation (KFF) points to these qualifying events that open up special enrollment, including:

  • Loss of coverage (leaving a job that provided insurance, for example)
  • Loss of dependent status
  • Income increases or decreases that affect health care marketplace eligibility
  • Marriage
  • Change in immigration status

Additionally, if you’re close to age 65, you can sign up for Medicare once you are three months away from your birthday. You can also explore Medicare Advantage, Supplement and Prescription Drug coverage.

Outside of those situations and a few others, you may not be able to purchase coverage outside of open enrollment for health insurance in 2023.

What if I Miss Open Enrollment for Health Insurance?

You can purchase short-term insurance from a private carrier if you miss open enrollment. These plans are an effective way to make sure you have some coverage. However, making sure you take action during open enrollment is your best option.

When Does Health Insurance Start After Open Enrollment?

The KFF explains that coverage can start at two points, assuming the first premium payment is made on time:

  • Enroll by Dec. 15, 2022, and coverage begins on Jan. 1, 2023.
  • Enroll after Dec. 15, 2022, and coverage begins on Feb. 1, 2023.

Can I Add My Spouse to My Health Insurance After Open Enrollment?

You can add a spouse to your health insurance within 60 days of your marriage. Otherwise, you generally need to wait until the next open enrollment period.

Will Pre-Existing Conditions be Covered in 2023?

Yes, pre-existing conditions are covered in 2023. An insurer in the health insurance marketplace can’t deny you coverage due to an existing medical issue.

Finding Health Insurance Coverage You Can Count On

There’s still time to look at health coverage, compare prices, and find a plan that works for you. Be prepared for open enrollment and start making your plan today.
Still looking for the right Health Insurance Plan? Browse available plans here!

What You Need To Know Before Enrolling ACA

What You Need To Know Before Enrolling ACA

Is it your first time enrolling in an Affordable Care Act plan or are you re-enrolling? It may be confusing to change plans or just simply enroll, so we are here to help you figure out what it is that you need to know before purchasing. So what exactly is the Affordable Care Act (ACA) Open Enrollment? 

Open enrollment is the annual window during which individuals and families may sign up for ACA-compliant individual and family health insurance. Or, make changes to their existing coverage. Only during Open Enrollment can Americans sign up for a plan or switch to a different health plan.

For millions of Americans, this year’s open enrollment period vastly differed from past periods. More consumers than ever are now eligible for premium tax credits. The American Rescue Plan (ARP), made law in 2021, included subsidy enhancements that allow an unprecedented number of Americans to qualify for premium tax credits. Subsequently, this increases the amount of the subsidies.

Open enrollment for 2023 health coverage begins nationwide in November of 2022 and will continue through January of 2023.

Enrollments in most states needed to be completed by December of the calendar year in order to have a plan that took effect on January 1. Several states gave residents until December 31 to sign up for a plan with a January 1 effective date. In nearly every state, enrollments completed after December 15 but before the end of open enrollment had a February 1 effective date. However, there are some states such as DC, Kentucky and New York, where a March effective date. So, what should you do before your ACA enrollment to make the most of your options? Here’s a short list of things that you can do. 

Assess your salary for the coming year

Premium tax credits, or subsidies, are based on your adjusted gross income for the coming year. Assessing your income will help you figure out the amount of subsidies you qualify for and what plans best meet your budget and needs. 

Estimating your salary can also help prevent you from overpaying for your insurance.

If you end up making less than you guess, you’ll get back the difference you’re owed on your tax refund. 

Call doctors and check ACA provider directories

Insurance companies offer provider directories that make it easier to find in-network doctors, so be sure you check your current or new plan’s directory, especially if you’re keen on keeping a particular doctor. You can also call doctors’ offices to see if they’re still accepting a specific plan. You must confirm that your providers accept the plan and are in network before purchasing it. 

Check for new ACA plans in your region

Plans and prices change every year, and more insurance companies are offering coverage this year. This means that you have more options than you did in previous years, so you should take time to review them to shop for a plan.

Utilize subsidies around you

Affordable Care Act enrollees who make below certain income limits may qualify for cost-sharing reductions. These extra benefits lower your out-of-pocket costs (such as deductibles, out-of-pocket spending limits, and copays). But, they can be used only with a silver plan, Riggs says. The catch? Silver plans might have higher monthly premiums than other options (such as bronze-tier coverage). But you’ll usually pay less out of pocket when you use your silver coverage.

Visit us through Healthedly or give one of our agents a call to learn more about ACA enrollment. 

For more information on health insurance or healthy tips, visit us through Healthedly Insurance Services to learn more.

Is The Answer To Saving the Earth in Lab-Grown Meat?

Is The Answer To Saving the Earth in Lab-Grown Meat?

Lab-grown meat, also known as cellular agriculture or cultured meat, is a promising solution for reducing the environmental impact of animal agriculture. Here are a few reasons why meat cultivated in a lab could help address climate change:

Fewer greenhouse gas emissions:

Animal agriculture is a significant contributor to greenhouse gas emissions, particularly methane and nitrous oxide. Lab-grown meat, on the other hand, could be created with a much lower carbon footprint.

Less land and water use:

Traditional animal agriculture requires vast amounts of land and water. Lab-grown meat, on the other hand, could get produced in a much more efficient and sustainable manner. Hence, potentially this type of meat would use a fraction of the resources required for traditional animal agriculture.

Lab-grown meat is better for animal welfare:

Scientists could produce lab-grown meat without the need for animal slaughter. This could improve animal welfare and reduce the ethical concerns associated with traditional animal agriculture.

Increased food security:

As the global population continues to grow, it will be increasingly important to find sustainable ways to produce food. Lab-produced meat could be an important part of the solution. It could be produced in a way that is both environmentally and economically sustainable.

Overall, lab-grown meat has the potential to significantly reduce the environmental impact of animal agriculture. This makes it an important solution for addressing climate change.

Are you seeking a health insurance plan that is affordable and fitting of your family’s needs? If yes, then Healthedly can be your solution! Our licensed agents will answer any questions you have about getting enrolled.

FDA investigation: fresh strawberries could be linked to Hepatitis A outbreak

FDA investigation: fresh strawberries could be linked to Hepatitis A outbreak

The US FDA (Food and Drug Administration) is investigating a link between a hepatitis A outbreak and fresh organic strawberries.

The FDA with the US CDC, the Public Health Agency of Canada, the Canadian Food Inspection Agency and state and local partners, said the strawberries were branded as FreshKampo as well as HEB and purchased between March 5 and April 25.

Where did you purchase?

A number of retailers sold these strawberries, including Aldi, HEB, Kroger, Sprouts Farmers Market, Safeway, Walmart, Trader Joe’s, Weis Markets and WinCo Foods.

The potentially affected strawberries have exceeded their shelf life, but people who froze them to use later should not eat them.

If you do not remember where you purchased your strawberries, just discard them to be safe rather than sorry.

Seventeen hepatitis cases have been identified in California, Minnesota and North Dakota. Each of these cases have led to 12 hospitalizations. Traceback investigations show that cases in California, Minnesota and Canada reported having purchased the strawberries. An investigation continues into other organic produce products. People became ill between March 28 and April 30.

What do you need to look out for?

If you don’t know for sure if you already received a Hepatitis A vaccination, you think you have already consumed infected strawberries, and if you are now experiencing symptoms, the FDA recommends you consult your health care provider.

Hepatitis A symptoms typically appear 2-7 weeks after infection, and typically last less than two months. However, some people can be ill up to six months. Keep in mind that not all infected people become symptomatic.

Symptoms can include jaundice, lack of appetite, stomach pain or discomfort, vomiting, fever, light colored stools or dark urine, diarrhea, joint pain and lack of energy. Adults are far more likely than children to experience noticeable symptoms if they are infected.

For more information on health insurance or healthy tips, visit us through Healthedly Insurance Services to learn more.

Remember to use these resources for further information: 

4 Benefits and 2 Drawbacks of Taking CBD Supplements

CBD, a non psychoactive cannabinoid, has gained traction in holistic circles and even among medical professionals in recent years. Proponents of CBD supplements boast of its benefits for your health. However, there are a couple of reported cons to taking it worth considering. Read on to learn four possible advantages and two drawbacks to taking CBD. 

Pros of taking CBD: 

Can ease pain and inflammation

Are you suffering from sore muscles or a migraine? CBD has properties in it known for reducing inflammation. Taking a CBD herbal supplement can do as good a job as common medications like ibuprofen or Tylenol.

Used as a calming supplement

CBD is swiftly becoming a popular calming supplement among holistic medicine users. If you have anxiety, ask your doctor about trying CBD.

Helps to manage weight since it is a shredding agent.

Studies show that CBD breaks down fat in the body and paired with regular exercise, can be a useful supplement for those looking to manage their weight.

Supports post-fitness recovery

Those who take CBD post-workout have claimed to experience beneficial results from this cannabinoid. Thus, athletes claim boosts in energy and reduced soreness when taking CBD.

Cons of taking CBD: 

Can cause nausea

This symptom doesn’t arise frequently. Nonetheless some people still suffer from an unsettled stomach after ingesting CBD. 

May cause a dry mouth

Some users report experiencing dry mouth after taking CBD supplements. This symptom does not often manifest, but reports of this side effect exist.

There you have it. CBD reportedly boasts more pros than cons, which should indicate its positive track record and beneficial attributes. Want to ask a medical expert about CBD and its possible benefits, but you aren’t sure who you can afford? Start by getting a free quote today to understand what healthcare you qualify for. 

Everything You Need to Know About Prostate Cancer Screenings

Everything You Need to Know About Prostate Cancer Screenings

Prostate cancer screening is a way to test for prostate cancer in men who do not have symptoms of the disease. The two main tests used for prostate cancer screening? These are the prostate-specific antigen (PSA) test and the digital rectal exam (DRE).

The PSA test measures the level of PSA, a protein produced by the prostate gland, in the blood. Elevated levels of PSA may be a sign of this disease. Other conditions such as an enlarged prostate or a prostate infection can also cause high PSA levels.

The DRE is a physical exam in which the doctor feels the prostate gland to check for any abnormalities.

There is ongoing debate about the effectiveness of getting screened. Some studies have suggested that prostate cancer screening can help reduce the risk of dying from this type of disease. However, other studies have found no benefit.

The American Cancer Society recommends that men discuss the potential benefits and risks of prostate cancer screening with their healthcare provider. They should start doing so beginning at age 50 for most men. Men at high risk of this malicious cancer (such as men with a family history of the disease) should get screened at age 45.

Decisions about whether to undergo screening should be based on a man’s individual risk factors and his preferences. Each individual should take into account the potential benefits and risks of the tests.

Are you seeking health insurance to cover your upcoming prostate screening? Chat with a licensed agent at 855-522-2201 to learn about all the coverage options available to you. Healthedly is here to help!

Drug Overdoses in the US on the Rise

Drug Overdoses in the US on the Rise

Drug overdoses are a significant public health problem in the United States. have been on the rise in recent years. In 2019, there were over 70,000 drug overdose deaths in the United States, and the majority of these deaths were caused by opioids.

There are several reasons why drug overdoses are on the rise.

One reason is the availability of prescription opioids, which are often misused and can lead to addiction.

Prescription opioids are powerful painkillers that are often prescribed for chronic pain management. However, these drugs can be highly addictive and can lead to abuse and overdose.

Another factor contributing to the rise in drug overdoses is the illegal drug market.

The proliferation of illegal drugs, such as heroin and fentanyl, has led to an increase in overdose deaths. These drugs are often more potent and dangerous than prescription opioids. They can be difficult to detect, making them particularly dangerous.

Another reason for the increase in drug overdoses is the lack of access to substance abuse treatment and recovery services.

Many people struggling with addiction do not have access to the resources they need to get the help they need. This can lead to individuals turning to risky behaviors, such as using drugs alone. Some use- drugs that are more potent, which can increase the risk of overdose.

Poverty and social isolation can also play a role in the rise of drug overdoses.

People who struggle financially or who isolate from social networks are more likely to turn to drugs as a way to cope. This can lead to an increased risk of overdose, as well as other negative health outcomes.

There are also several societal factors that contribute to the rise in drug overdoses.

One of these is the stigma surrounding addiction and substance abuse.

Many people struggling with addiction may feel ashamed or embarrassed about their situation, which can prevent them from seeking help. This can lead to individuals continuing to use drugs, which increases the risk of overdose.

Another societal factor contributing to the rise in drug overdoses? The lack of education about the dangers of drug use.

Many people may not be aware of the risks associated with drug use, or they may underestimate these risks. This can lead to individuals using drugs more recklessly, which increases the risk of overdose.

Finally, the opioid epidemic has been fueled in part by the marketing and distribution of prescription opioids by pharmaceutical companies.

These companies have been accused of downplaying the risks of addiction and overdose associated with prescription opioids. They also promote the use of these drugs for conditions for which they may not be appropriate. This has contributed to the overprescribing of these drugs and the subsequent increase in drug overdoses.

It is important for there to be a comprehensive approach that addresses the various factors contributing to the problem. This may include increasing access to substance abuse treatment and recovery services. It also means improving education about the dangers of drug use, and addressing the stigma surrounding addiction. It may also involve regulating the pharmaceutical industry and cracking down on the illegal drug market.

In conclusion, drug overdoses are a significant public health problem in the United States. The rates for overdose continue to rise due to a variety of factors, including the availability of prescription opioids, the proliferation of illegal drugs, a lack of access to substance abuse treatment, poverty and social isolation, stigma surrounding addiction, a lack of education about the dangers of drug use, and the marketing and distribution of prescription opioids by pharmaceutical companies. To effectively address this issue, it will be necessary to take a comprehensive approach that addresses these various factors.

Are you seeking medical insurance coverage but don’t know what you qualify for exactly? Our licensed agents will walk you through the whole enrollment process and ensure you get the most bang for your buck. Give Healthedly a call at 855-522-2201.

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