nb/ui/evo/index.html?deploymentid=583163766108240746280076508SBN 9781337901536&s napshotid=13183138id=5604269328 CENGAGE MINDTAP Q Search this course Ch 11: Apply What You've Learned - Planning for Health Care Expenses 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 your age the state in which you live the number of people in your family any preexisting health conditions 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 all that apply. Veterinary services OR YOU Pediatric services, including dental and vision care Laboratory Services illegal drug coverage Maternity and newborn care er. Not Harder Automobile repair services DeOne A AM TV17/2019 oogle Chrome /ui/evo/index.html?deploymentid=58316376610824074628007650&e/SBN=9781337901536&s napshotid=1318313&id=560426932& CENGAGE MINDTAP Q Search this course Ch 11: Apply What You've Learned - Planning for Health Care Expenses The ACA provides for several different tiers of plans to be available 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 healthcare 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 plan in your geographic area. per month on an after- Therefore, the amount of the tax credit is expected to be and means that you should expect to pay tax basis (rounded to the nearest whole dollar) 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. RYOU You must exercise your COBRA rights within 90 days after you leave your former employment To receive health care benefits under your former employer's plan, you must pay the entre premium (your and your former employer's portion) plus an administrative fee. Not Harder COBRA rules apoly if your employer has more than 20 workers. Under COBRA, You can remain a member of your group health plan for up to 10 months after you leave the job provided that other Desistop OneDn A 48 11:54 AM 11/17/2019 CENGAGE MINDTAP Search this course Ch 11: Apply What You've learned - Planning for Health Care Expenses 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 healthcare 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 plan in your geographic area ITED Catalog Offers Therefore, the amount of the tax credit is expected to be and means that you should spect to pay tax basis rounded to the nearest Whole dollar) for your health insurance coverage Der Oth er Options One possible solution to the lack of health insurance you elect to leave your current job is to rely on COBRA CV statements regarding COBRA and its provision is true? Check that which of the following You must exercise your COBRA Hats within aer your for m ent To receive healthcare bereits under o portion is an administrative tee f lover's plan you must pay the entire premium you and your former m overs MENDED FOR YOU COSA rules apply it your employer more than 20 ore namba h et plan for up to 10 months after you Under CC can e restrictions are not the job avides that other Sundy Smarter, Not Harder You make changes in your health insurance coverage the your family ex e d importanta cuent CENGAGE INDIAP Search this course Ch 11: Apply What You've Learned - Planning for Health Care Expenses 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 premium in your state for a 35-year-old 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 enroll in a health insurance plan during 2017, your tax penalty under the Affordable Care Act (ACA) will be the greater of either 5695 or 2.5 of your gross income. If you are subject to the tax penalty, it will be paid: on your income tax return quarterly when the IRS sends you a bill by monthly automatic withdrawals from your checking account Harder The tax penalty applies to each month that you do not have coverage for health insurance coverage for yourself or a member of your household You are, however, allowed a maximum pap of three months before becoming subject to the penalty tax 11:51 AM 1 117/2019 Deskton One A 00 nb/ui/evo/index.html?deploymentid=583163766108240746280076508SBN 9781337901536&s napshotid=13183138id=5604269328 CENGAGE MINDTAP Q Search this course Ch 11: Apply What You've Learned - Planning for Health Care Expenses 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 your age the state in which you live the number of people in your family any preexisting health conditions 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 all that apply. Veterinary services OR YOU Pediatric services, including dental and vision care Laboratory Services illegal drug coverage Maternity and newborn care er. Not Harder Automobile repair services DeOne A AM TV17/2019 oogle Chrome /ui/evo/index.html?deploymentid=58316376610824074628007650&e/SBN=9781337901536&s napshotid=1318313&id=560426932& CENGAGE MINDTAP Q Search this course Ch 11: Apply What You've Learned - Planning for Health Care Expenses The ACA provides for several different tiers of plans to be available 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 healthcare 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 plan in your geographic area. per month on an after- Therefore, the amount of the tax credit is expected to be and means that you should expect to pay tax basis (rounded to the nearest whole dollar) 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. RYOU You must exercise your COBRA rights within 90 days after you leave your former employment To receive health care benefits under your former employer's plan, you must pay the entre premium (your and your former employer's portion) plus an administrative fee. Not Harder COBRA rules apoly if your employer has more than 20 workers. Under COBRA, You can remain a member of your group health plan for up to 10 months after you leave the job provided that other Desistop OneDn A 48 11:54 AM 11/17/2019 CENGAGE MINDTAP Search this course Ch 11: Apply What You've learned - Planning for Health Care Expenses 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 healthcare 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 plan in your geographic area ITED Catalog Offers Therefore, the amount of the tax credit is expected to be and means that you should spect to pay tax basis rounded to the nearest Whole dollar) for your health insurance coverage Der Oth er Options One possible solution to the lack of health insurance you elect to leave your current job is to rely on COBRA CV statements regarding COBRA and its provision is true? Check that which of the following You must exercise your COBRA Hats within aer your for m ent To receive healthcare bereits under o portion is an administrative tee f lover's plan you must pay the entire premium you and your former m overs MENDED FOR YOU COSA rules apply it your employer more than 20 ore namba h et plan for up to 10 months after you Under CC can e restrictions are not the job avides that other Sundy Smarter, Not Harder You make changes in your health insurance coverage the your family ex e d importanta cuent CENGAGE INDIAP Search this course Ch 11: Apply What You've Learned - Planning for Health Care Expenses 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 premium in your state for a 35-year-old 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 enroll in a health insurance plan during 2017, your tax penalty under the Affordable Care Act (ACA) will be the greater of either 5695 or 2.5 of your gross income. If you are subject to the tax penalty, it will be paid: on your income tax return quarterly when the IRS sends you a bill by monthly automatic withdrawals from your checking account Harder The tax penalty applies to each month that you do not have coverage for health insurance coverage for yourself or a member of your household You are, however, allowed a maximum pap of three months before becoming subject to the penalty tax 11:51 AM 1 117/2019 Deskton One A 00