Get Low-Cost Health Care with Subsidies
When the ACA passed as law, new health insurance subsidies were introduced to help families making at or below the Federal Poverty Line (FPL) afford health care. If your family makes a combined annual income of the FPL, there are two types of subsidies your family may qualify for:
The Premium Tax Credit is a type of subsidy that allows you to help pay for or totally cover your monthly premiums. This applies to families who enroll in any of the four metal levels of coverage: Bronze, Silver, Gold, or Platinum.
With this subsidy, you can choose whether to have your premium paid directly to your health insurance provider from the government, or you can claim this credit on your annual tax return.
To be eligible for this tax credit, you must:
- Have a combined annual household income between 100% and 400% of the FPL.
- Not be eligible for Medicare, Medicaid, CHIP, or TRICARE.
- Not be able to get coverage through your employer's plan.
- Not be claimed as a dependent by another person.
The Cost-Sharing Reduction helps lower or even cover the amount you pay out of pocket when you receive health care. This means that when you go to the doctor's office, get an x-ray, or visit the emergency room, you can have your out-of-pocket expenses (e.g. deductibles, copay, coinsurance) lowered by having your health insurance provider cover more of your costs.
To be eligible for this subsidy, you must:
- Have a combined annual household income between 100% and 250% of the FPL.
- Have at least a Silver plan.
Help From HealthMarkets
Even with healthcare reform in full swing, finding insurance that fits your medical needs and your budge can require careful consideration, especially if you're unsure of what programs are available to you. HealthMarkets can help you sort through policies to find the right one for you.
We offer a free service to help people with unique medical and financial needs to find the coverage that they're looking for. When you contact us, we'll quickly compare what you can afford to the policies of more than 180 insurance provider nationwide to find affordable health insurance for low-income families.
Forbes: http://www.forbes.com/sites/investopedia/2013/10/01/how-to-choose-between-bronze-silver-gold-and-platinum-health-insurance-plans/ | IRS: https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Premium-Tax-Credit | KFF: http://kff.org/health-reform/issue-brief/explaining-health-care-reform-questions-about-health/