Health Care Subsidies
Health Care Subsidies: 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. Are you eligible for this subsidy? How much could you qualify for? It depends on several factors: your income, your household size, and whether you have access to group insurance 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% of the 2019 Federal Poverty Level for your household size. Also, you are eligible if you do not have access to group insurance. For example, a family of four with a combined yearly adjusted gross income of $100,400 would be eligible 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, which 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 $62,750. This income level is for a family of four.
We want to make sure you have the best health insurance and that you aren’t paying more than you should. Whether you are exploring individual health insurance plans or group insurance rates, don’t miss out on a subsidy you deserve. Consult one our agents to see if you qualify for this financial assistance. Reach out to us for a free health insurance quote!