The amount you save depends on your family size and how much your family earns. In general, if your income falls within the following ranges you’ll qualify to save money on your premiums.
Expected 2015 gross income (before taxes) includes wages, tips, net profit from self-employment, interest, rental income and other investment income, most pensions, social security payments and alimony. This will be the amount called “Modified Adjusted Gross Income” or MAGI shown on your tax return in line 4 of Form 1040EZ, line 21 of 1040A or line 37 of form 1040. If your only income is from a job it is the number shown in box 1 of your W2 form. Include income of all dependents (for example a child’s summer earnings or dependents social security).
|Household Size||Household Income|
|Individual:||$11,670 - $46,680|
|Family of 2:||$15,730 - $62,920|
|Family of 3:||$19,790 - $79,160|
|Family of 4:||$23,850 - $95,400|
|Family of 5:||$27,910 - $111,640|
|Family of 6:||$31,970 - $127,880|
|Family of 7:||$36,030 - $144,120|
|Family of 8:||$40,090 - $160,360|
The individual mandate requires individuals to have a minimum essential coverage or pay a penalty beginning in 2015. To review what the mandated penalties are for the next 4 years please review the chart below:
|2014||$96 per adult, $47.50 per child or 1% household income (Family max $285)|
|2015||$325 per adult, $162.50 per child or 2% household income (Family max $975)|
|2016||$695 per adult, $347.50 per child or 2.5% household income (Family max $2,085)|
|2017||Penalties will increases based on the cost of living|
Some individuals may qualify for an exemption so they will not be required to have coverage or pay a penalty. These penalties are prorated for the months a person does not have coverage.