email by the end of October and through your Open Enrollment event, which is delivered to your inbox in Workday in November. Your enrollment materials will contain your biweekly health care cost. You can compare your MAA costs to the Marketplace costs by visiting www.HealthCare.gov What if I am Interested in Marketplace Coverage? We believe that the MAA’s plans represent a superior option to the Marketplace plans, but you may want to review Marketplace coverage to ensure that you are making the best choice for you. • Go to www.Healthcare.gov to review the plans available in your state. • Keep the enclosed notice, it has the information you will need to enroll in Marketplace coverage. • The Marketplace wil l not be able to assist you with MAA’s health plans. • MAA’s will not be able to assist you with the Marketplace plans. Question on the Marketplace plans? Call 800 -318-2596 or visit www.HealthCare.gov
Health Insurance Marketplace Coverage
General Information When key parts of the health care law took effect in 2014, they introduced a new way to buy health insurance: the Health Insurance Marketplace. To assist you as you evaluate options for you and your family, this notice provides some basic information about the new Marketplace and employment based health coverage offered by MAA. What is the Health Insurance Marketplace? The Marketplace is designed to help you find health insurance that meets your needs and fits your budget. The Marketplace offers "one-stop shopping" to find and compare private health insurance options. You may also be eligible for a new kind of tax credit that lowers your monthly premium right away.
Open enrollment for health insurance coverage through the Marketplace begins in October 2023 for coverage starting as early as January 1, 2024.
Can I Save Money on my Health Insurance Premiums in the Marketplace? You may qualify to save money and lower your monthly premium, but only if MAA does not offer coverage, or offers coverage that doesn't meet certain standards. 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 MAA that meets certain standards, you will not be eligible for a tax credit through the Marketplace and may wish to enroll in MAA's health plan.
However, you may be eligible for a tax credit that lowers your monthly premium or a reduction in certain cost-sharing if MAA does not offer coverage to you at all or does not offer coverage that meets certain standards.
If the cost of a plan from your employer that would cover you (and not any other members of your family) is more than 8.39% of your household income for the 2024 plan year, or if the coverage MAA provides does not meet the "minimum value" standard set by the Affordable Care Act, you may be eligible for a tax credit. If you purchase a health plan through the Marketplace instead of accepting health coverage offered by MAA, then you may lose the employer contribution (if any) to the employer-offered coverage. Also, this employer contribution -as well as your employee contribution to employer-offered coverage- is often excluded from income for Federal and State income tax purposes.
Your payments for coverage through the Marketplace are made on an after-tax basis.
How Can I Get More Information About the Marketplace? The Marketplace can help you evaluate your coverage options, including your eligibility for coverage through the Marketplace and its cost. Please visit www.HealthCare.gov for more information, including an online application for health insurance coverage and contact information for a Health Insurance Marketplace in your area.
Information about Health Coverage Offered by MAA
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