Here’s everything you need to know about ACA:
Understanding ACA Subsidies ACA subsidies are designed to make health insurance more affordable. These subsidies act as tax credits, reducing the cost of your premiums when you purchase a plan from an ACA marketplace.
Additional Subsidy Insights Up to $6,400 may be available to you as a tax credit or paid directly to your insurance company, depending on your circumstances. It’s a smart move to calculate your subsidy with one of our partners here to fully grasp the benefits you could be missing.
Subsidy Impact on Marketplace Plans Over 90% of marketplace enrollees benefit from subsidies, leading to significant reductions in their health insurance costs. In fact, many find plans for $10 or less per month after subsidies are applied.
How Subsidies Reduce Your Costs Your subsidy amount is based on your household size and income, scaling to your needs. You can opt to apply these subsidies to your monthly premiums for immediate relief or receive them as a tax credit.
Eligibility for Subsidies If your income ranges between 100% and 400% of the federal poverty level, and you purchase insurance through one of the listings below, you’re likely to be eligible for a subsidy. The exact income brackets are updated yearly, so be sure to check the latest figures.
Qualifying Insurance Plans Subsidies are versatile and can be applied to a range of insurance plans across the Bronze, Silver, Gold, and Platinum levels. However, they are not applicable to Catastrophic plans, Medicaid, CHIP, or employer-offered insurance.
Who’s Missing Out? Despite the availability of subsidies, a substantial number of eligible individuals remain uninformed. Checking your subsidy eligibility with one of our partners below can potentially lead to substantial savings on your health insurance plan.
Income Guidelines for Subsidies In 2024, individuals earning between $14,580 and $58,320 may qualify. A family of four qualifies with an income between $30,000 and $120,000. And for those earning more, if health insurance exceeds 8.5% of your income, subsidies may still be available.
Cost of Health Insurance Post-Subsidies On average, a subsidized health insurance policy in the U.S. costs $88 per month. However, your specific cost will vary based on income and other factors, with some paying as little as $0 per month. Thanks to recent legislation, these low rates will remain accessible through 2025.
You can now click to get quotes from one of our partners below:
Updated November 23, 2023