This ACA 2017 fact sheet will help provide some answers to the Affordable Care Act U.S. domestic medical insurance. We also have short term medical insurance for those in the U.S. who have missed the open enrollment time for an ACA 2017 (Affordable Care Act) policy.
Good Neighbor Insurance has three great short term medical insurance plans for those residing in any of the 50 States here in America. You may view these plans at https://www.gninsurance.com/travel/short-term-us/.
• The Hii Short term plan at https://www.gninsurance.com/us-short-term-medical-insurance/ is a great Blue Cross backed short term medical insurance plan.
• The other two are two other great short term plans to choose from.
• Please note that all short term plans in the U.S. are not ACA compliant and do not have to be.
2017 ACA Open Enrollment Period – November 1st to January 31st, 2017:
You must enroll in an Obamacare (ACA) health insurance plan in 2017 or face a tax penalty. This year the penalty is: $695 per adult or 2.5% of your income, whichever is higher. Millions of Americans will be shopping for a new health plan this year so don’t wait to research your options! You must enroll by December 15th to have coverage that starts on January 1st.
Here are 10 changes expected to take effect in 2017:
1. The Health Insurer Tax, which is approximately 2.3% of premium, will be suspended. This tax on health insurance companies will only be suspended in 2017.
2. The Transitional Reinsurance Program(TRP) will end. The TRP charged fees to health plans as an effort to stabilize premiums in the individual market.
3. The reporting requirements of the ACA will be due earlier. Copies of Forms 1095-B and/or 1095-C will need to be provided to employees and individuals by January 31, 2017. Reporting to the IRS will be due by February 28, 2017 if filing manually and March 31, 2017 if filing electronically.
4. The Employer Mandate penalties will adjust for inflation. Penalties under Code Section 4980H(a) are expected to increase to $2,260 per full-time employee (up $100) and penalties under Code Section 4980H(b) are expected to increase to $3,390 per full-time employee (up $150). The IRS has yet to officially confirm these increases.
5. The $695 penalty related to the Individual Mandate will also be inflation-adjusted to a higher amount, although the maximum penalty will remain at 2.5% of income.
6. The Medicare Part D “doughnut-hole” will continue to shrink. Those individuals covered by a Part D plan will receive a 49% discount on generic drugs and a 60% discount on brand name drugs while in the doughnut hole.
7. The maximum out-of-pocket limits for non-grandfathered plans will increase to $7,150 for single coverage and $14,300 for family coverage.
8. Transitional health plans can continue to be renewed up until October 1, 2017, however, coverage must not extend beyond December 31, 2017.
9. Section 1332 of the ACA becomes effective, allowing states to request “innovation waivers” to pursue certain parts of the ACA differently than the standard.
10. On January 20, 2017, a new president will take office. Regardless of who that person is, that person is expected to seek some level of change as it relates to the ACA and health care in general.
Additional information on the ACA penalty:
The penalty for 2017 is $695 per adult and $347.50 per child (up to $2,085 for a family), or it’s 2.5% of your household income above the tax return filing threshold for your filing status – whichever is greater. You’ll pay 1/12 of the total fee for each full month in which a family member went without coverage or an exemption.
The rate increases each year, see individual mandate (the unofficial name of Shared Responsibility) page, for details on the fee and lots of details, tips, and tricks about Individual Shared Responsibility.
The assistance is available to low- and moderate-income people — ones who earn between 100 percent and 400 percent of the federal poverty level. Officials said Monday that the typical HealthCare.gov consumer earns 165 percent of the poverty level, or about $40,000 for a family of four, or $19,000 for a single person.
About 85 percent of current HealthCare.gov customers qualify for financial aid, in the form of federal tax credits.
What you Need to Know to Calculate the Payment:
Before you calculate your payment you should fill out Form 1040, U.S. Individual Income Tax Return for 2014 and Form 8965, Health Coverage Exemptions, and have a 1095-A on hand if you had marketplace coverage.
You’ll also need your household income, which is your Modified Adjusted Gross Income for you and each family member and your Filing Thresholds.
Nearly 85 percent of people enrolled in exchange plans in 2016 are receiving subsidies that average $291 per month. Here is another additional source: https://www.healthinsurance.org/obamacare/subsidy-calculator/
ACA 2017 Exemptions for Citizens Living Abroad – You are exempt if you were:
• A U.S. citizen or resident who spent at least 330 full days outside of the U.S. during a 12– month period; A U.S. citizen who was a bona fide resident of a foreign country or U.S. territory;
• A resident alien who was a citizen of a foreign country with which the U.S. has an income tax treaty with a nondiscrimination clause, and you were a bona fide resident of a foreign country for the tax year;
• or Not a U.S. citizen, not a U.S. national, and not an individual lawfully present in the U.S. For more information about who is treated as lawfully present for purposes of this coverage exemption, visit healthcare.gov.
NOTE: The 12 month period can be any 12 month period. You’ll be exempt for any months of that 12 month period that fall within the tax year. Learn more about the 330 day rule here.
Good Neighbor insurance licensed insurance agents may be reached at 866-636-9100 / 480-633-9500. Our office is located in Gilbert, Arizona, a city in the Phoenix metro area. Or you may go to our corporate site at www.gninsurance.com. You may also email us your questions and request at email@example.com Our GNI family is here to serve you all as you and your family navigate the ACA U.S. domestic medical insurance options.