Am I eligible for a health insurance subsidy?
Who is this for?
If you need to buy your own health insurance, this explains how to find out if you can get help paying for it in 2014.
With few exceptions, the Affordable Care Act requires everyone to have health insurance in 2014. If you're insured through your employer, or eligible for programs like Medicare or Medicaid, you're covered.
If not, you'll need to buy your own health insurance. Otherwise, you'll have to pay a penalty.
Do you already pay for your own insurance? Are you shopping for the first time? Either way, the good news is you may be able to get help paying for individual health insurance in 2014. This help is called a subsidy.
What's a subsidy?
A subsidy is financial assistance that helps you pay for something. It's not a loan; you don't pay it back. There will be two kinds of subsidies available from the federal government for individual health insurance plans.
- The Advanced Premium Tax Credit lowers your monthly health insurance payment, or premium.
- Cost Sharing Reduction reduces your out-of-pocket maximum. This amount is the most you'll have to pay during a policy period (usually a year) for health care services you receive and includes your deductible, coinsurance and copays.
When you buy your 2014 health plan, applying for a subsidy will be part of the process.
Can you get a subsidy?
It depends on:
- How your income compares to the Federal Poverty Level
- Your family size
- How much health insurance costs where you live
The main factor is your income. You can qualify for a subsidy if you make up to four times the Federal Poverty Level. That's about $46,000 for an individual and $94,000 for a family of four. If you're an individual who makes less than $29,000 or a family of four that makes $59,000, you may qualify for both subsidies.
Sound complicated? We make it easy with our subsidy estimator. It only takes a few minutes to find out if you're eligible.
- How can I get advice when shopping for health insurance?
- How can I know I'm purchasing the right health insurance policy?
- What does health care reform mean for me?
- Individual and family health insurance - check out our MyBlue℠ plans designed to fit your health care needs and your budget.
- Health Insurance 101: Insurance subsidies