Although there is no income requirements for receiving health insurance, those with a certain income may be eligible to receive subsidies. The Affordable Care Act requires everyone to have health insurance. If you’re insured by Medicare, Medicaid, or your employer, you’re covered. Otherwise, you’ll need to buy your own health insurance to avoid paying the penalty.
Shopping for health insurance may seem daunting, but Insurance Line One will help you and your family receive affordable coverage. We will help you find out if you qualify for federal subsidies. A subsidy is a loan from the federal government that you don’t have to pay back. There are two kinds of subsidies that can help pay for health insurance: premium tax credit and cost sharing reduction. Premium tax credit lowers your monthly payment (premium), and cost sharing reduction reduces the out-of-pocket costs you pay for health care services. Out-of-pocket costs include your deductible, coinsurance and copays.
Qualifying for a subsidy depends on your income, family size, and how much health insurance costs where you live. Those who make at least or under four times the US poverty level will qualify for a subsidy. Every year, the Department of Health and Services determines the federal poverty guideline amounts. In 2017, the federal poverty line (FPL) was $11,880 for individuals, $16,020 for families of two, and $24,300 for families of four. Those making up to 4x these amounts will likely qualify for premium tax credit. For example, individuals making under $47,520 will likely receive refundable tax credit to go towards paying monthly premiums.
Premium tax credit is a refundable credit that helps people pay for health insurance premiums. To get this credit, you must meet certain requirements and file a tax return. The income requirements for premium tax credit are outlined above. Other requirements include having been enrolled in health insurance coverage through your state’s marketplace for at least one month during which you were not eligible for an employer-sponsored plan. You must have paid all your previous health insurance premiums. You cannot be claimed as dependent by another person, and you cannot file the tax status of “married filing separately.” To find out more information about premium tax credits, check out the IRS’s website, or call Insurance Line One today!
In 2009, our team of three agents set out to help individuals have access to affordable healthcare. We have since then grown to over fifty employees, and we provide thousands of families with various categories of insurance. For example, we have divisions dedicated to health, life, Medicare, home, dental, car, motorcycle, commercial, and ancillary insurances. We are one of only a handful of agencies in the US certified to underwrite in all 50 states. Our lowest health coverage begins at $150 a month, and we will help you know if you are eligible for federal subsidies. Call (800) 606-1671 today for a free quote.
“I am so thankful for Victoria. I am dealing with my father in Hospice and she has gone so far out of her way to help me. She has made the ordeal so easy for me. Victoria, thank you so very much.”
“I want to let you all know that Trae S. is a life saver! Because of him I will be able to get my much needed Insulin prescriptions and I am so grateful. He really took his time to get all the information he needed from me to help. You have a gem with him. Thank you from a grateful customer!”
I have to say, I called insurance line one yesterday, they took care of me right away, I felt good , and I recommend this company to anyone who needs health insurance, auto , life or commercial insurance. #great prices. #great rates #thanks again