Determining Affordability

(1) Affordability Schedule. (a) The Board will formally vote to adopt an affordability schedule annually, no later than June 1st of every year, that shall establish the percentage of an individual’s adjusted gross income that the individual can be expected to contribute toward the cost of health insurance that meets minimum creditable coverage standards. The Board shall also consider whether the affordability schedule should establish percentages of adjusted gross income that couples without dependents and/or families can be expected to contribute toward the cost of health insurance that meets minimum creditable coverage standards. The affordability schedule shall be issued for use by the Massachusetts Department of Revenue, other state agencies, and members of the public for their use in determining whether residents who have not purchased health insurance can purchase affordable insurance and are thus subject to a penalty for their failure to purchase insurance. (b) The Board shall allow public comments before it formally votes to adopt its annual affordability schedule. (c) Before formally voting to adopt, the Board will provide a copy of the schedule to the House and Senate Committee on Ways and Means and the Joint Committee on Health Care Financing. (2) Schedule of Premiums. (a) The Board will formally vote to adopt a Premium schedule that establishes the lowest levels of Premium (or Premiums) that are deemed by the Board to be available for minimum creditable coverage for Individuals, couples without dependents, and families for a calendar year. The Premium schedule may be combined with the affordability schedule. (b) The Board shall consider deductibles insettingthe Premiumschedule and shall also allow for variances based on age and rate basis types. (c) The Board shall allow public comments before itformallyvotes to adopt its Premium schedule. (d) The Board will deliver the Premium schedule to the Massachusetts Department of Revenue by December 1st of each year.