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In addition to rate increases that are, on average, lower than elsewhere in the nation, Floridians who live in Miami-Dade County, which includes Miami, and enroll in coverage through HealthCare.gov, the state’s federally facilitated exchange, will see their plan options remain about the same. For 2017, Florida’s federally facilitated exchange includes 61 total plan options for Miami-Dade County; 18 of them are bronze. In 2016, there were 57 plan options, and 19 of them were bronze.
Under the Affordable Care Act, if the only health insurance plans available to someone cost more than 8.16 percent of their income (this is the amount for 2017), then they may qualify for a hardship exemption from the individual shared responsibility provision and thereby can avoid the tax penalty.
In Miami-Dade County, the annual premium for a 35-year-old who purchases the lowest-cost bronze plan is $3,170. That individual would need to make between $35,000 and $37,500 per year to qualify for a hardship exemption, which would be claimed on their federal tax return.
To see how rate hikes could impact middle-class individuals and families who buy Obamacare plans and do not qualify for subsidies, we obtained quotes for the lowest-cost bronze plans available in Miami-Dade County through HealthCare.gov in 2016 and 2017. That plan is offered by Molina.
In comparing finalized rates from 2016 and 2017, we found premium increases of 19.68 percent across the board for the brackets we quoted: a 35-year-old male and a family of four with two male and two female members, all of them nonsmoking.
We then broke down these rates and increases, and looked at how many cups of coffee could be purchased each month for the same amount.
Even with an exemption, consumers may want to consider some form of healthcare benefits to help lower out-of-pocket exposure to medical bills. Anyone who claims an exemption or shops for individual and family health plans in Florida’s private market or through HealthCare.gov may want to consider working with a local, licensed health insurance agent. These individuals can help you navigate coverage options, including Obamacare plans as well as supplemental coverage such as critical illness, dental, hospital indemnity, and medical gap products to help lower out-of-pocket healthcare costs.
 Gaba, Charles. “Florida: *Approved *Unsubsidized* 2017 Indy Mkt Rate Hikes 19.1% (vs. 17.7% requested).” ACASignups.net. Sept. 5, 2016. http://acasignups.net/16/09/05/florida-approved-2017-indy-market-rate-hikes-191-vs-177-requested
 Alonso-Zaldivar, Ricardo. “Obama Health Plan Hit by Double-Digit Premium Hikes.” AP. Oct. 25, 2016. http://bigstory.ap.org/article/4e2846e6f17a4c4482d5b8c1243b85dd/obama-health-plan-hit-double-digit-premium-hikes
 Internal Revenue Service. 26 CFR 601.105: Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability. https://www.irs.gov/pub/irs-drop/rp-16-24.pdf
 Rates acquired through HealthCare.gov and INSXCloud on Oct. 31, 2016. 35-year-old male, nonsmoker, 2016 Ambetter Essential Care 1 (Bronze, EPO) premium: $220.71; 2017 Molina Marketplace Bronze (HMO) $264.15 per month; nonsmoking family of four, including two parents (a male and a female, both 45 years old), a 7-year-old daughter, and a 13-year-old son, 2016 Ambetter Essential Care 1 (Bronze, EPO) premium: $751.00, 2017 Molina Marketplace Bronze (HMO) premium: $898.80.
This document is for general informational purposes only. While we have attempted to provide current and accurate information, this information is provided "as is" and we make no representations or warranties regarding its accuracy or completeness. The information provided should not be construed as legal or tax advice or as a recommendation of any kind. External users should seek professional advice from their own attorneys and tax and benefit plan advisers with respect to their individual circumstances and needs.
THIS PLAN IS NOT CONSIDERED TO BE MINIMAL ESSENTIAL COVERAGE AS DEFINED BY THE PATIENT PROTECTION AND AFFORDABLE CARE ACT (ACA). ENROLLING IN AND MAINTAINING THIS PLAN WILL NOT EXEMPT YOU FROM THE SHARED RESPONSIBILITY PAYMENT (TAX) THAT MAY APPLY IF YOU DO NOT HAVE A PLAN WITH ACA-COMPLIANT COVERAGE.
THIS IS A SUPPLEMENT TO HEALTH INSURANCE AND IS NOT A SUBSTITUTE FOR THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA) LACK OF MAJOR MEDICAL COVERAGE (OR OTHER MINIMUM ESSENTIAL COVERAGE) MAY RESULT IN AN ADDITIONAL PAYMENT WITH YOUR TAXES.
THIS PLAN DOES NOT MEET MINIMAL ESSENTIAL COVERAGE REQUIREMENTS FOR PEDIATRIC DENTAL SERVICES IN ACCORDANCE WITH THE AFFORDABLE CARE ACT (ACA) PROVISIONS.
A CRITICAL ILLNESS INSURANCE PLAN PAYS OUT LUMP-SUM CASH BENEFITS UPON DIAGNOSIS OF CERTAIN COVERED ILLNESSES AS SHOWN IN THE CERTIFICATE. THIS PRODUCT IS NOT INTENDED TO QUALIFY AS THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA).
About The IHC Group
Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual disability, specialty and supplemental health, pet, and life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and IHC Specialty Benefits, Inc., which is a technology-driven insurance sales and marketing company that creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products (including ACA plans and small group medical stop-loss). All products are placed with highly rated carriers.
IHC Specialty Benefits, Inc.
IHC Specialty Benefits, Inc., doing business as Health eDeals Insurance Solutions is a full-service marketing and distribution company that focuses on small employer, individual and consumer products. Health eDeals markets products via general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit http://www.HealtheDeals.com.