The official ObamaCare enrollment period ended on March 31, 2014. Important Notice: Its urgent, to avoid future fines and penalties, to sign up for health insurance under the Affordable Health Care Act.
Colorado Individuals & Families: Find out the most cost efficient healthcare insurance for you.
WHAT IS A “FLEXIBLE BENEFITS PLAN”?
A benefit program that offers employees a choice between various benefits including:
- Life insurance.
- Health insurance.
- Retirement plans.
- Child care.
Although a common core of benefits may be required, you can choose how your remaining benefit dollars are to be allocated for each type of benefit from the total amount promised by the employer.
Sometimes you can contribute more for additional coverage.
Flexible Benefits Plan is also known as a Cafeteria plan or IRS 125 Plan.
WHAT IS CHIP?
An insurance program jointly funded by states and the federal government that provides health insurance to low-income children and, in some states, pregnant women in families who earn too much income to qualify for Medicaid but cannot afford to purchase private health insurance coverage.
In Colorado, this program is called Child Health Plan Plus.
ARE ALL PLANS OFFERED IN THE MARKETPLACE QHPS?
Yes, all plans offered through the Marketplace are Qualified Health Plans or QHPs.
WHAT IS CONSIDERED ANNUAL INCOME?
The annual income is the Modified Adjusted Gross Income of your household. This is one of the factors that help determine your eligibility for the premium tax credits. To determine your household income, the Marketplace uses the “Modified Adjusted Gross Income” or MAGI calculation. You will need to provide your MAGI when applying for up-front financial assistance.
Connect for Health Colorado provides two forms to help you determine your MAGI for the year in which you are seeking health care coverage (currently 2014).
You can also buy health insurance without applying for financial assistance and, if eligible, claim the tax credit in 2015 when you file your federal taxes.
At tax filing, the IRS is expected to determine your eligibility and provide the tax credit as a refund or reduction on your tax liability.