Most Oregonians that enroll through the Health Insurance Marketplace healthcare.gov qualify for financial assistance to reduce the monthly cost to help pay for your health plan. In 2020, there’s an average subsidy of $451 per month. Click here to find out how much subsidy you may qualify for: GET A QUOTE
Want to know how you can save money on your health insurance?
Here’s the Health Insurance Marketplace income eligibility guidelines to see if you qualify. Find your household size and estimated annual income on the list below. You can use adjusted gross income as a rough estimate, and if you’re self-employed or own a business, use your net income.
What tax credits or financial assistance can do for you?
Tax Credits or Financial Assistance receive can be used right away to help pay for your health insurance or receive it as a tax refund at the end of the year.
Having trouble determining how much your annual income is?
For example… You’re in a commission based job like sales that it maybe difficult to know exactly what your annual income is. What you can do? Put in your best estimate of your annual income and apply a portion or a bulk of your tax credit to help pay your health insurance in case your income may be different from your initial application.
Keep in mind: You’re required to report any income change anytime through the year from your original application.
Here’s the Health Insurance Marketplace Income Eligibility to receive tax credits:
If you are the only person in your household:
- If your yearly income is between $11,490 and $45,960, you may qualify for lower premiums on a Marketplace insurance plan.
- If your yearly income is between $11,490 and $28,725, you may qualify for lower premiums and out-of-pocket costs for Marketplace insurance.
- If your yearly income is below $16,105 and your state is expanding Medicaid, you may qualify for Medicaid coverage.
If there are 2 people in your household:
- If your yearly income is between $15,510 and $62,040, you may qualify for lower premiums on a Marketplace insurance plan.
- If your yearly income is between $15,510 and $38,775, you may qualify for lower premiums and out-of-pocket costs for Marketplace insurance.
- If your yearly income is below $21,707 and your state is expanding Medicaid, you may qualify for Medicaid coverage.
If there are 3 people in your household:
- If your yearly income is between $19,530 and $78,120, you may qualify for lower premiums on a Marketplace insurance plan.
- If your yearly income is between $19,530 and $48,825, you may qualify for lower premiums and out-of-pocket costs for Marketplace insurance.
- If your yearly income is below $27,310 and your state is expanding Medicaid, you may qualify for Medicaid coverage.
If there are 4 people in your household:
- If your yearly income is between $23,550 and $94,200, you may qualify for lower premiums on a Marketplace insurance plan.
- If your yearly income is between $23,550 and $58,875, you may qualify for lower premiums and out-of-pocket costs for Marketplace insurance.
- If your yearly income is below $32,913 and your state is expanding Medicaid, you may qualify for Medicaid coverage.
If there are 5 people in your household:
- If your yearly income is between $27,570 and $110,280, you may qualify for lower premiums on a Marketplace insurance plan.
- If your yearly income is between $27,570 and $68,925, you may qualify for lower premiums and out-of-pocket costs for Marketplace insurance.
- If your yearly income is below $38,516 and your state is expanding Medicaid, you may qualify for Medicaid coverage.
If there are 6 people in your household:
- If your yearly income is between $31,590 and $126,360, you may qualify for lower premiums on a Marketplace insurance plan.
- If your yearly income is between $31,590 and $78,975, you may qualify for lower premiums and out-of-pocket costs for Marketplace insurance.
- If your yearly income is below $44,119 and your state is expanding Medicaid, you may qualify for Medicaid coverage.
Want to know more?
Here’s a very important resource from IRS on who qualifies for tax credits or financial assistance with Health Insurance Marketplace / Exchange / ACA / Obamacare in Oregon.
http://www.irs.gov/uac/The-Premium-Tax-Credit
Call us at 503-928-6918 for any questions or to request face to face appointment or email us at: info@healthplansinoregon.com. Our assistance is no cost to you.