Thanks to the Affordable Care Act (Obamacare), if you are considered a low or middle income individual or family, you may be eligible to save money with subsidies or advanced premium tax credits. These tax credits are intended to help you pay for your health insurance.
Your income in the year which you’re covered by your health plan rather than your income that was reported on the last year’s tax return will determine your eligibility for subsidies. In the event you earn more than you expected to during the year, you may need to pay back a portion of or all of the subsidies that were applied to your health insurance premiums. If you earn less than you expected, you may receive additional subsidy assistance.
In 2018, If you have a household of three and earn between 100% and 400% of the Federal Poverty Level or $20,420 and $81,680, you may qualify for these subsidies. According to the IRS, you and your spouse, your children who live with you, any dependent listed on your tax return even if they don’t live with you, anyone under 21 who you take care of and lives with you, and your unmarried partner who is the parent of your child or dependent on you for taxes purposes, is considered a member of your household.
How to Apply for Obamacare Subsidies
If you’d like to apply for Obamacare subsidies, you can do so by contacting the MAIR Agency. Keep in mind that although we can guide you through the application process, the government will make the final determination of your eligibility.