Since the passing of the Affordable Care Act, millions more low-income families have access to affordable health coverage. Subsidy programs such as premium tax credit and cost sharing reduction help to reduce monthly premiums and out-of-pocket payments. One study by the Kaiser Family Foundation names cost as the reason why 45% of uninsured nonelderly adults in 2016 did not have access to health coverage. 23% named lost jobs or changed employers as the reason for not being insured. Although Medicaid and CHIP are available for young children of low-income families, adults will need to qualify for premium tax credits or cost sharing reductions.
Since 2009, the team at Insurance Line One has helped families receive affordable insurance. In less than 10 years, we have grown from 3 agents to over 50. We are one of only five agencies in the US that are licensed to underwrite in all 50 states. We have an easy enrollment process, and our friendly agents will help you compare rates and to get you affordable, comprehensive coverage. Our plans cover doctor’s office visits, unexpected illnesses and injuries, and preventative care. Our experience and expertise enable you to choose from a wide variety of flexible plans. Call (800) 606-1671 for a free quote today.
Premium tax credit is a federal subsidy that helps qualifying individuals pay for their monthly insurance premiums. The amount you pay for insurance depends on the state you live in as well as the ‘metal tier’ of the plan. The metal tiers include bronze, silver, gold and platinum plans that have varying amounts of coverage. The higher the metal value, the more the insurance plan covers your medical expenses. For instance, bronze plans cover 60% of your medical expenses, and you pay the remaining 40%. Platinum plans cover 90% of your medical expenses, though they have higher monthly premiums.
Visit this calculator to find out if your income is in range to save money on monthly premiums. After entering income, place of residence, and the number of people in your household, you will find out the savings program you may qualify for. For example, a family of 4 living in Utah with an income of below $25,100 qualifies you for free or low-cost coverage through Medicaid. If their income is anywhere from $25,100 to $62,750, they will qualify for a health plan with lower monthly premiums.
To qualify for premium tax credits, you must compare your expected income with the federal poverty levels. Those within 100% and 400% of the federal poverty level will qualify for federal subsidies in most states. Below is a table with the 2018 federal poverty levels and the income requirements necessary to qualify for premium tax credits under the Affordable Care Act. If there are more than 8 people in your family, add $5,230 to $51,670 for each additional member.
Although there is no guarantee that you will find cheaper health coverage through your state marketplace, those who qualify for federal tax credits may save money on their monthly premiums. In general, those who have been considered “high risk” to insurers in the past will find cheaper coverage through the ACA marketplace. However, those who are younger, in good health, or ineligible for subsidies should compare marketplace rates to health coverage options provided by private insurers. Call (800) 606-1671 to receive a free quote from an Insurance Line One agent who will also help you compare rates and narrow down the most affordable options.
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