Affordable Care Act - Individuals
How do I figure if i am entitled to a subsidy?
Answer:
Generally, uninsured individuals who purchase health insurance through an online health insurance marketplace or exchange and have income no greater than $94,200 for a family of 4, may be eligible for a government subsidy to help pay for health insurance.
The subsidy will be in the form of a tax credit.The credit or subsidy will be applied to your insurance premium when you purchase it in 2014.
To figure out if you’re eligible for a subsidy, you need to determine your household size and household income and see where it falls within the federal poverty line.
Subsidies are available up to 400% of the federal poverty line. Up to 133% of the federal poverty line, a family needs to devote 2% of its income towards the premium, with the balance subsidized by the government. The subsidy then decreases as income goes up.
The subsidy will be in the form of a tax credit.The credit or subsidy will be applied to your insurance premium when you purchase it in 2014.
To figure out if you’re eligible for a subsidy, you need to determine your household size and household income and see where it falls within the federal poverty line.
Subsidies are available up to 400% of the federal poverty line. Up to 133% of the federal poverty line, a family needs to devote 2% of its income towards the premium, with the balance subsidized by the government. The subsidy then decreases as income goes up.
