If you’re wondering if you may qualify for any financial assistance for health insurance, then read more of this blog.
Since January 2014, the Affordable Care Act requires most Americans to enroll on a creditable health insurance, otherwise, there’s a consequential tax penalty for anyone that chooses not to enroll. Most Americans are concerned of rising cost of health insurance. Through Affordable Care Act, over 20 million people are qualified to enroll. In addition, majority of people qualified for premium tax credit to lower down the cost of health coverage. Check if you qualify for financial assistance for health insurance now.
Here’s some criteria may make you eligible for financial assistance or
premium tax credit:
- Your household income falls at a certain range
- Have legal immigration status in the U.S.
- Must enroll through the Health Insurance Marketplace
- Must NOT have other creditable health insurance through Medicaid,
- Employer, Veteran’s Insurance, TRICARE or Medicare.
- Cannot be claimed as a dependent by another person
- Do not file a tax return as Married Filing Separately, only if you’re legally married
- Lives as a permanent resident in your state.
Keep in mind…
The only way to receive any financial assistance for health insurance or tax credits is enrolling through the Health Insurance Marketplace. Thus, any direct enrollment with an insurance carrier won’t qualify you to receive any financial assistance or tax credits. Here’s a sample where you can find your household size and estimated annual income. You can use adjusted gross income as a rough estimate. And if you’re self-employed or own a business, use your net income. Tax Credits or Financial Assistance can be use right away to help pay for your health insurance or receive it as a refundable tax credit at the end of the year.
How does it work?
With a yearly household income range of $33,534 to $74,115, the children in a family of four will likely qualify for no-cost coverage through Oregon Health Plan or Medicaid. The adults in the household will likely qualify for tax credits and lower out-of- pocket costs to lower the cost of private health insurance.
So, let’s say this family of 4 have a household income of $45,000, both husband and wife qualify for a tax credit of $360 per month to apply to lower down their premium. Both under 18 years old kids qualifies for Medicaid which is offered through the state at no cost. Both husband and wife can choose to enroll on any health plan of their choice through the Health Insurance Marketplace. Whether that’s bronze – which offers the lowest premium but highest maximum out of pocket or a silver plan that allows them to also qualify for cost sharing reduction.
So, let’s say they enroll on a Kaiser Silver Plan. The actual monthly premium is $557 for both of them. So, if they want to apply their tax credit of $360, their net premium would be $197/month for both husband and wife. Tax credits are based on income, household size and ages of everyone in the household based on tax filing.
Get local help for free.
For further information on financial assistance for health insurance, feel free to reach out to Health Plans In Oregon. We’ve been helping Oregonians since 2006. If you have any questions regarding your health insurance premiums, feel free to call us at 503-928-6918. We’re local, independent and licensed agents who can help you find a health care plan that best suits your needs and budget.
Also see:
Buy Dental Insurance – Affordable and Efficient
Benefits of Affordable Care Act
>>>Watch this short video to learn more!
