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With the introduction of the Affordable Care Act (ACA) came the start of government subsidies for health insurance. These subsidies were aimed to help families making a low annual income to opportunity to get the healthcare coverage they need, but one that they can comfortably afford. 

HealthMarkets can help you learn about your subsidy eligibility and your healthcare options. Our licensed agents are knowledgeable in the details of the ACA, and can combine our knowledge with information about your specific needs and budget to help you find the right health insurance and health insurance subsidy in a matter of minutes.

government subsidies for health insurance

What Government Subsidies Are You Eligible For?

Since the ACA, there are two types of subsidies your family may qualify for:

Premium Tax Credit

The premium tax credit is a type of subsidy that allows you to file a tax credit towards your monthly premiums. This applies to individuals and families enrolled in any of the four metal levels: bronze, silver, gold, or platinum.

With this tax credit, you can choose whether to have it paid directly to your health insurance provider to lower your monthly premiums, or you can claim this credit on your tax return. 

To be eligible for this tax credit, you must:

  1. Have a combined annual household income between 100% and 400% of the Federal Poverty Line.
  2. Not be eligible for Medicaid, Medicare, CHIP, or TRICARE.
  3. Not be able to get affordable coverage through your employer's plan.
  4. Not be claimed by another person as their dependent.

Cost-Sharing Reduction

The cost-sharing reduction subsidy helps to discount 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 a cost-sharing reduction, you must:

  1. Have a combined annual household income between 100% and 250% of the Federal Poverty Line.
  2. Have at least a Silver plan."

Government Subsidies for Health Insurance Make Coverage More Affordable

At HealthMarkets, our free service enables you to compare thousands of policies from over 200 insurance providers nationwide just by answering a few simple questions. We'll give you a list of policies, including government subsidies, that fit your need. We save you the time and effort of doing the research yourself and find you the options that fit your needs best.

To learn about your eligibility for government subsidies for health insurance, call us today at (800) 360-1402.


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