Page 24 - Citizens Bank Benefit Guide 2020_Revised 12-11-2020

Marketplace Coverage Options

New Form Approved

OMB No.
and Your

PART A: General Information

Whe ey parts of the health care law too effect i 2014, there were ew ways to buy health i sura ce: the Health
I sura ce Mar etplace. To assist you as you evaluate optio s for you a d your family, this otice provides some basic
i formatio about the Mar etplace a d employme t-based health coverage offered by your employer.
What is the Health Insurance Marketplace?

The Mar etplace is desig ed to help you fi d health i sura ce that meets your eeds a d fits your budget. The
Mar etplace offers “o e-stop shoppi g” to fi d a d compare private health i sura ce optio s. You may also be eligible for
a ew i d of tax credit that lowers your mo thly premium right away. Ope e rollme t for health i sura ce coverage
through the Mar etplace begi s i October for coverage starti g as early as Ja uary 1st.

Can I Save Money on my Health Insurance Premium in the Marketplace?
You may qualify to save mo ey a d lower your mo thly premium, but o ly if your employer does ot offer coverage, or
offers coverage that does ’t meet certai sta dards. The savi gs o your premium that you’re eligible for depe ds o your
household i come.

Does Employer Health Coverage Affect Eligibility for Premium Savings through the Marketplace?
Yes. If you have a offer of health coverage from your employer that meets certai sta dards, you will ot be eligible for a
tax credit through the Mar etplace a d may wish to e roll i your employer’s health pla . However, you may be eligible
for a tax credit that lowers your mo thly premium, or a reductio i certai cost-shari g if your employer does ot offer
coverage to you at all or does ot offer coverage that meets certai sta dards. If the cost of a pla from your employer
that would cover you (a d ot a y other members of your family) is more tha 9.5% of your household i come for the
year, or if the coverage your employer provides does ot meet the “mi imum value” sta dard set by the Affordable Care
Act, you may be eligible for a tax credit. 1

Note: If you purchase a health pla through the Mar etplace i stead of accepti g health coverage offered by your
employer, the you may lose the employer co tributio (if a y) to the employer-offered coverage. Also, this employer
co tributio – as well as your employer co tributio to employer-offered coverage is ofte excluded from i come for
Federal a d State i come tax purposes. Your payme ts for coverage through the Mar etplace are made o a after-tax
basis.
How Can I Get More Information?

For more i formatio about your coverage offered by your employer, please chec your summary pla descriptio or
co tact Tracie Carter.
The Mar etplace ca help you evaluate your coverage optio s, i cludi g your eligibility for coverage through the
Mar etplace a d its cost. Please visit HealthCare.gov for more i formatio , i cludi g a o li e applicatio for health
i sura ce coverage a d co tact i formatio for a Health I sura ce Mar etplace i your area.
1
A employer-spo sored health pla meets the “mi imum value sta dard” if the pla ’s share of the total allowed be efits
cost covered by the pla is o less tha 60 perce t of such costs.

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