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Health Care Subsidies 2020: Will I Qualify for a Tax Credit?

A health care subsidy is an advance tax credit that the government extends to people who meet certain financial criteria.  Whether you are eligible – and for how much – depends on several factors.  These factors include, your income, household size, and whether you have access to group insurance.  Access to group insurance can be through your workplace or a family member’s workplace.

You are eligible for government assistance if you fall within the range of 100% to 400% for the 2020 Federal Poverty Level for your household size, and if you do not have access to group insurance.

For example, a family of four with a combined yearly adjusted gross income of $103,000 would be eligible for a subsidy.  Refer to the chart below to see where your household income would fall and whether you qualify for a subsidy.

In addition to subsidies, cost share reduction plans are available to families making 250% of the Federal Poverty Level.  These plans have special enhancements such as lower deductibles.  These plans can make health care much more affordable for families who qualify.  Cost share reduction is available to families making 250% of the Federal Poverty Level, or less than $64,375 for a family of four.

 

Don’t miss out on a subsidy you deserve; consult one of our agents to see if you qualify for this financial assistance.

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