As the Affordable Care Act takes hold and the deadline to sign up for government healthcare this year has passed, many Americans still have questions about how they should manage their health insurance
. One particular area of mystery is government subsidies. Who qualifies? How do I apply? How much will I get?
Here, I’ve compiled some handy tools and information to get you started. If you have questions, feel free to call us at New Direction IRA or visit www.ndira.com
The first thing to consider when figuring out government subsidies and tax credits is your family size. According to healthcare.gov
If your income falls within the following ranges you'll generally qualify for a premium tax credit. The lower your income is within these ranges, the bigger your credit.
$11,490 to $45,960 for individuals
$15,510 to $62,040 for a family of 2
$19,530 to $78,120 for a family of 3
$23,550 to $94,200 for a family of 4
$27,570 to $110,280 for a family of 5
$31,590 to $126,360 for a family of 6
$35,610 to $142,440 for a family of 7
$39,630 to $158,520 for a family of 8
Keep in mind that if your income falls below that level, you may qualify for state Medicaid.
The second thing to consider is what your employer offers. Employers with more than 50 employees must offer reasonable health insurance to their employees—and if that plan meets minimum requirements, you will not be eligible for subsidies.
Lastly, it’s helpful to calculate any subsidies you may be eligible for. To find out if you are eligible for subsidies, use this subsidy calculator at http://kff.org/interactive/subsidy-calculator/
. You’ll be able to input your income, family size and employer offerings to determine what you qualify for.
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