Do I Qualify For Obamacare Subsidy
Do I Qualify For Obamacare Subsidy? The answer to this question isn’t always so straightforward, especially if you’re enrolled in employer-sponsored Health Insurance Plan (ESI). Obamacare subsidies are tax credits which are paid to your health insurer to help offset the cost of your insurance coverage.
Apart from the eligibility criteria of not earning an income more than 400 percent of the poverty level, other factors are considered in determining who is qualified to receive Obamacare subsidies.
Do I Qualify For Obamacare Subsidy?
Do I qualify for Obamacare subsidy even if I have access to a Health Insurance plan provided by my employer? Well, this would depend on whether the Health Insurance Plan is affordable and provides minimum coverage. If based on the provisions of the Affordable Care Act, (ACA) your employer-sponsored Health Insurance Plan is considered affordable and provides minimum coverage, then you’re not qualified for Obamacare subsidy.
Who Is Not Eligible for Obamacare?
Based on other factors, who is not eligible for Obamacare? You aren’t eligible for Obamacare subsidy if you are already qualified for Medicaid. Also, if you qualify for the Children’s Health Insurance Program (CHIP), you can’t get the subsidy. There is no age limit required to qualify for Obamacare. You must however be a US citizen and must be legally residing in the country.
Obama Care Subsidies 2019
Obamacare subsidies for 2019 may be larger than for previous years. The reason for this is because of the steady rise in premiums over the years. Also premiums now include cost-sharing reductions resulting in larger subsidies from most states. More people generally now have access to cheaper plans.
Obamacare Subsidy Calculator
With an Obamacare subsidy calculator, you can determine how much money you have to spend on health insurance coverage purchased on the healthcare exchange. The subsidy amount you may receive is dependent on both the size of your household and your household income.
When you provide the figures for your household income and size, the calculator will provide you with information such as:
• Household Income as a % of Federal Poverty Level: This determines your eligibility and your subsidy amount.
• Premium Cap as % of Income: This is that percentage of your part of the annual household income, which contributes towards the second cheapest available silver plan.
• Annual Premium Cap: This is the dollar amount of your part of the annual household income, which contributes towards the second cheapest available silver plan.
• Monthly Premium Cap: This is the Annual Premium Cap divided into monthly amounts.
For more information please call ObamacareQuotes today at (800) 811-2640