To make health insurance more affordable for Americans with lower to moderate incomes, Obamacare subsidies were created. These subsidies are premium tax credits that lower the monthly insurance premium for the bronze, silver, gold, and platinum plans. Each plan has a premium that increases in cost as well as lower out-of-pocket expenses.
Your household income must be one to four times the Federal Poverty Level to qualify for Obamacare subsidies. In 2018, if you have a household of four and earn between $24,600 and $98,400, you may be eligible. It’s important to note that in addition to meeting these income requirements, you cannot be eligible for Medicare, Medicaid, the Children’s Health Insurance Program, or any other type of public assistance to receive a subsidies. In addition, you must be a U.S. citizen or have proof of residency.
If your household income is more than you expected it to be, you may be responsible for repaying some of the tax credits you received. The amount you will have to pay back will depend on your final household income. If your final income is over 400% of the Federal Poverty Level, you will need to pay back the entire subsidy amount. If you make less than expected, you may be eligible for additional subsidy assistance.
How to Apply for Obama Subsidies
If you’re interested in applying for Obamacare subsidies, you can do by contacting the MAIR Agency. We cooperate with the government marketplace and look forward to guiding you through the application process and answering any questions you may have.