1. Apply What You've Learned - Planning for Health Care Expenses Scenario: You are single and 35 years old. You are thinking of leaving your employer in January 2017 and becoming self-employed. However, replacing the insurance you currently receive through your employer is a big concern. You have saved a nice nest egg, but you know that the medical costs from one serious accident or the development of a serious medical condition could wipe out your savings. You estimate your net income will be $32,500 in your first year of self-employment. You are looking to enroll in health care through the health insurance marketplace. The estimated benchmark premlum in your state for a 35-year-0ld is $3,000 per year. You are responsible for paying 7,50% of your income for health insurance. You are also considering purchasing disability insurance and long-term care insurance in case something happens in which you are no longer able to work or care for yourself. Think about the Affordable Care Act (ACA) and answer the following questions: If you choose to not encoll in a health insurance plan during 2017, your tax penalty under the Affordable Care Act (ACA) will be the greater of either or of your gross income. If you are subject to the tax penalty, it will be paid: quarterly when the IRS sends you a bill by monthly automatic withdrawals from your checking account on your income tax return The tax penalty applies to each that you do not have coverage for health insurance coverage for yourself or a member of your household. You are, however, allowed a maximum gap of months before becoming subject to the penalty tax. Under the ACA and the new rules of the health insurance marketplace, the factors that may be used to determine your health insurance premium can include all of the following except: Check all that apply. the current state of your health the state in which you live the number of people in your family any preexisting health conditions your age For an insurance plan to meet the federal government's standard of a qualified healthcare plan, it must provide ten essential benefits. Among these essential benefits are: Check ail that apply. Emergency services Automobile repair services Mental health and substance use disorder services, including behavioral health treatment Veterinary services Maternity and newborn care Hilegal drug coverage The ACA provides for several different tiers of plans to be avallable through the various federal and state healthcare exchanges. At your age, you can select any one of the plans except for the plan, which covers of the insured's out-of-pocket medical costs. As the plans' tiers progress from bronze to silver to gold to platinum, (1) the percentage of out-of-pocket costs covered by each tier and (2) the cost of the plans included in each of the tiers will You should expect to pay of your pre-tax income for your health insurance if it is obtained through a federal or state healtheare exchange. The ACA allows for several types of tax credit subsidies, including income-based tax credits. One such credit can be based on a benchmark premium, which in your current situation, is worth _ and equal to the cost of the geographic area. Therefore, the amount of the tax credit is expected to be , and means tax basis (rounded to the nearest whole dollor) for your health insurance coverage. One possible solution to the lack of health insurance if you elect to leave your current job is to rely on cobrA coverage. Which of the following statements regarding cobra and its provisions is true? Check all that apply. per month on an after- plan in your tax basis (rounded to the nearest whole dollar) for your healh insurance covernge-. You must exercise your COBRA rights within 90 days after you leave your former employment. To recelve healthcare benefits under your former employer's plan, you must pay the entire premium (your and your former employer's portion) plus an administrative fee. Under COERA, you can remain a member of your group health plan for up to 18 months after you leave the job provided that other restrictions are met. COBRA rights also apply to your dependents, and provides them with 24 months of additional coverage under your former employer's health plan. You make changes in your health insurance coverage elther, your family experiences a defined important family event