How do you qualify for an insurance subsidy?

How do you qualify for an insurance subsidy?

Subsidized Coverage

1. In states that have expanded Medicaid coverage, your household income must be below 138% of the federal poverty level (FPL) to qualify.
2. In all states, your household income must be between 100% and 400% FPL to qualify for a premium tax credit that can lower your insurance costs.

What are Obamacare subsidies and how do they work?

The subsidies are tax credits – but you don’t have to wait until tax season. The subsidy amounts fluctuate from one year to the next, due to changes in the cost of the benchmark plan in each area. Average subsidy-eligible enrollees get most of their premiums covered.

How much do you need to make to qualify for Obamacare subsidies?

And prior to 2021, you could earn up to 400% of the federal poverty level to qualify for subsidies (also known as the subsidy cliff). For a family of four, that number equaled $104,800 a year. Alaska and Hawaii are unique states with higher income guidelines – those can be found here. What’s Different in 2021 for Obamacare Subsidies?

What is the 2021 federal poverty level used for Obamacare subsidies?

This page features a 2022 ObamaCare eligibility chart, the 2021 federal poverty level used for 2021 subsidies, and a subsidy calculator. To get assistance under the Affordable Care Act you must earn between 100% – 400% of the poverty level. For 2021, that is $12,760-$51,040 for an individual and $26,200- $104,800 for a family of four.

Does the American rescue plan end the ACA’s subsidy cliff?

For 2021 and 2022, the American Rescue Plan has eliminated the ACA’s subsidy cliff | Image: ike / stock.adobe.com Ever since the health insurance marketplaces/exchanges debuted for 2014 coverage, the premium subsidy (premium tax credit) eligibility range has been capped at household incomes of 400% of the federal poverty level ( FPL ).