Starting Jan. 1, the Affordable Care Act will provide subsidies for individuals who don’t have access to affordable, comprehensive coverage through an employer or other some other source, such as Medicare.
If you do qualify, and make roughly $48,000 or less a year, you can shop on the Health Insurance Marketplace and get a subsidy. Most of the 7 million people expected to shop on the online health exchange will qualify for some break on monthly premiums.
The subsidy amount decreases the more you make. The average annual subsidy will be $5,290 per enrollee, the Associated Press reported. Subsidies are only available on the online exchange.
Floridians making less than the poverty level may not be eligible for subsidies. The marketplace subsidies are only available for people making more than $11,490 a year, the federal poverty line.
Penalties for not getting health insurance for 2014 start at $95 per adult or 1 percent of family income, whichever is greater. The fines will increase in the future.