Question: I am 60 years old, single and not married. I own my house, no mortgage. I am unemployed and a caregiver for my elderly father (he lives with me). I now buy my own health insurance with my savings. When the affordable care act goes into effect in 2014 and I am still unemployed what next? What are my options for healthcare coverage?
Do I buy from a health care exchange, or keep buying insurance with my savings? If I still buy my insurance do I fill out a 1040 form with me not having any income and be compensated when I list the money paid for insurance. I would like to know how I will be subsidized for the money put out!!! I'm lost.
Answer: Bruce - You should find it much easier to enroll and pay for health insurance once the Affordable Care Act takes full effect in 2014. The insurance exchange in your state will direct you to a menu of different policies from which you can choose. If your income falls below 400% of the federal poverty level, which is $45,960 in 2013, you will be eligible to receive a subsidy to help with the cost. The exchange will automatically deduct the amount of the subsidy from the premiums you have to pay. You will not have to file a form 1040 to receive it.