APTC stands for Advanced Premium Tax Credit. It is available to apply for through MNSure, Minnesota’s Health Insurance Exchange. An APTC is used to lower your monthly premium costs. It must be applied to a private individual health plan through MNSure (catastrophic and dental plans are excluded).
Your financial assistance eligibility can be changed based on an increase or decrease in income. It is important to report these changes in household income because you could have the wrong level of financial aid or insurance plan. Examples of changes in income to report: • New Job • Lose a Job • Change in Current Income • Change to your Projected Annual Income
The Supreme Court backed President Barack Obama’s health care overhaul on Thursday. This prevented a major challenge for the millions of Americans tied to the health insurance under the law. The Affordable Care Act, or Obamacare, is here to stay.
If you are able to afford health insurance, but choose not to purchase it, you will receive a tax penalty unless you have a coverage exemption.
Scott Leitz, the CEO of Minnesota's state run health insurance exchange (MNSure) since 2013, resigned to accept a job with a health care think tank in Washington DC. His last day as MNSure CEO will be May 22, 2015. Allison O'Toole has been named as interim CEO. The MNSure board will address the issue of a permanent CEO at its upcoming May 19th meeting. O'toole is MNSure's third CEO in the past 2 years, and has worked with MNSure in it's marketing communications department.
In an effort to insure more people and lessen the tax consequences for some Minnesotans, MNSure has announced a special enrollment for those people that face a penalty for being uninsured in 2014, and would like to get coverage for 2015. The Special Enrollment period dates run from March 1, 2015 through April 30, 2015. Read here for more information on who qualifies and how to apply.
Effective October 1, 2013, employers must notify new and existing employees in writing about their state’s health benefit exchange and advance premium tax credits available through the exchange to help them purchase individual coverage. The requirement is contained in Section 218b of the federal Fair Labor Standards Act of 1938. The U.S. Department of Labor is charged with issuing regulations providing more specific guidance on the notice but has not yet done so. Section 218b requires the following information be included in the notice: 1.A description of the services provided by the exchange and the manner in which the employee may contact the exchange to request assistance. 2.If an employer provides employer-sponsored health coverage that does not provide minimum actuarial value (60 percent of expected costs for benefits provided under the plan), the employee may be eligible for a premium tax credit and reduced cost sharing (deductibles, copayments, and coinsurance) if the employee purchases individual coverage through the exchange. 3.If an employee purchases a qualified health plan through the exchange, the employee may lose the employer contribution (if any) to any health benefits plan offered by the employer and that all or a portion of such contribution may be excludable from income for federal income tax purposes. Employer Model Notices: Employers that offer group health insurance: Click here Employers that do not offer group health insurance: Click here
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