This page is designed to help you find the various places on the web to help you make informed decisions about the new ObamaCare Marketplace. Below you will find links to estimate calculators for premium subsidies (government paid portion of your health insurance) and forms you may need if you have employees in your small business.
If you choose to participate and buy your insurance through the Marketplace, the following information will be useful to you. The only way to get the premium subsidy is by purchasing your policy through the Marketplace. If your income level for your size of family is less than 400% of the poverty level, then you may qualify for premium assistance.
- The Marketplace is where you will shop for Insurance in Kansas.
- There are several different ways to enroll in the Marketplace. Click here for a variety of ways to get assistance in getting enrolled.
Annual income (estimate for 2016 since the plans begin January 1, 2016 – the Marketplace will verify these are reasonable based on your most recently filed tax return) is equal to:
Adjusted Gross Income (from your tax return, Line 37 on Form 1040)
+ Tax exempt interest income
+ Excluded Social Security benefits
+ Excluded foreign income
= Modified Adjusted Gross Income
+ MAGI of dependents who had to file a return that were used in family size calculations
= Household MAGI of for purposes of the Subsidy
Penalties vary based on many criteria if you are required to maintain health insurance, but choose not to. The maximum penalty is the greater of a flat, per-person amount ($695 per person for 2016) OR 2.5% of your income (up to the cost of insurance for your area).
The Department of Labor has provided information related to Employee Notification Requirements.
Click here for a sample of the Marketplace ObamaCare Notice you can use to give your employees if required (see the Department of Labor “Employee Notification Requirements” above to see if you are required to provide this notice to your employees).