Who Is Not Eligible For Obamacare
Obamacare emphasize the importance of government subsidies to marketplace enrollees and also encourage them to apply if they are eligible. But who is not eligible for Obamacare? Unfortunately, a lot of people who are in dire need of tax credits are not eligible. Some people are even highly disappointed because they earn a little more than 400% of the federal poverty level and yet, unqualified to receive premium subsidy. Others who are old reside in areas where coverage is extremely costly.
Who Is Not Eligible For Obamacare?
Are you the one who is not eligible for Obamacare subsidies during the last open enrollment period? One of the following reasons might have been responsible for it:
• Your employer operates comprehensive, “affordable” coverage by paying 60% of the healthcare costs.
• You enjoyed coverage under a family member’s employer-sponsored health plan.
• You are qualified for Medicare, Medicaid or another government program.
• You earned below 100% of the federal poverty level.
• You earned above 400% of the federal poverty line.
• You don’t reside legally in US.
• You are incarcerated.
Qualifying Limit for Obamacare Health Insurance Tax Credit
The qualifying limit for Obamacare health insurance tax credit depends on how much you expect to earn during the year. The table below shows the highest income that that household of various sizes can earn which is no more than four times the 2018 federal poverty level–the qualifying limit for the credit.
Household Size 400%
For each additional person, add $16,720
Assuming your household income falls within this range, you will be eligible for Obamacare health insurance tax credit. Take for instance, a single individual who earns a maximum amount of $48,240 in 2018 will be qualified for a health care credit. The same goes with a family of four who earn maximum of $98,400, and so on.
How Much Is Obamacare Health Insurance Tax Credit?
How much is Obamacare health insurance tax credit? The monetary value of Obamacare health insurance tax credit depends on certain factors like your household size, income, and the cost of health insurance where you live. Largest tax credits are awarded to people who earn the lowest incomes but live in the highest cost areas. To get an estimate of what subsidy you may be eligible for, check the Kaiser Foundation Health Insurance Marketplace Calculator and enter your income numbers.
Requirement for Obamacare Health Insurance Tax Credit
The ultimate requirement for Obamacare health insurance tax credit is to obtain your health insurance through your state health insurance marketplace. This can be done during open enrollment period. However, coverage can still be obtained after the open enrollment period provided you qualify for a life change like relocation, loss of health insurance, marriage, divorce or child birth. If you qualify for Medicaid in your state, you can also get Obamacare coverage anytime. Upon completion of your application, the marketplace will determine your eligibility for the credits and its value.
For more information please call ObamacareQuotes today at (800) 811-2640