2021 City of Hutchinson Benefit Guide FINAL - 11-20-20

45 New Health Insurance Marketplace Coverage Options and Your Health Coverage PART A: General Information When key parts of the health care law take effect in 2014, there will be a new way to buy health insurance : the Health Insuranc e Marketplace . To assist you as you evaluate options for you and your family, this notice provide s some basic informa tion about the new Marketplace and employmen t based health coverage offered by your employe r. What is the Health Insurance Marketplace? The Marke tplace is designed to help you find health insuranc e that meets your needs and fits your budge t. The Marketplace offers "one-stop shopping" to find and compare private health insuranc e options. You may also be eligible for a new kind of tax credit that lowers your month ly premium right away. Open enrollment for health insuranc e coverage through the Marke t plac e begins in Octobe r 2013 for coverage starting as early as January 1, 2014. Can I Save Money on my Health Insurance Premiums in the Marketplace? You may qualify to save money and lower your month ly premium, but only if your employe r does not offer coverage , or offers coverage that doesn' t meet certain standa rds. The savings on your premium that you're eligible for depends on your household income. Does Employer Health Coverage Affect Eligibility for Premium Savings through the Marketplace? Yes. If you have an offer of health coverage from your employe r that meets certain standa rds, you will not be eligible for a tax credit through the Marke tplac e and may wish to enroll in your employer ' s health plan. Howeve r, you may be eligible for a tax credit that lowers your monthly premium, or a reduction in certain cost-sha r ing if your employer does not offer coverage to you at all or does not offer coverage that meets certain standa rds. I f the cost of a plan from your employer that would cover you (and not any other membe rs of your family) is more than 9.5% of your household income for the year, or if the coverage your employe r provide s does not meet the "minimum value" standa rd set by the Affordable Care Act, you may be eligible for a tax credit. 1 Note: If you purchase a health plan through the Marke tplac e instead of accepting health coverage offered by your employer, then you may lose the employer contribu t ion (if any) to the employe r -offe red coverage . Also, this employe r contribu t ion -as well as your employe e contribut ion to employe r -offered coverage - is often excluded from income for Federa l and State income tax purpose s. Your paymen ts for coverage through the Marketplace are made on an after- tax basis. How Can I Get More Information? For more informa tion about your coverage offered by your employe r, please check your summa ry plan description or contact . The Marke tplace can help you evaluate your coverage options, including your eligib i l ity for coverage through the Marketplace and its cost. Please visit HealthCare.gov for more informa t ion, including an online applicat ion for health insuranc e coverage and contact informa t ion for a Health Insuranc e Marketplace in your area. 1 An employer - sponsored health plan meets the "minimum value standard" if the plan's share of the total allowed benefit costs covered by the plan is no less than 60 percent of such costs. For m Approved OMBNo.1210-0149 (expires 6-30-2023 )