Healthcare Subsidies

Healthcare Subsidies Under the Affordable Care Act

Everyone wants to know -  How Do I Get a Subsidy For My Healthcare Costs?

The amount of money you can save depends on your family size and income. In general, people at the following income levels will qualify to save money on healthcare premiums in 2014. The lower your income, the higher your savings will be. (The amounts shown below are based on 2013 numbers and will be slightly higher in 2014.)

Middle-income people under the age of 65 years old, who are not eligible for coverage through their employer, Medicaid, or Medicare, can apply for tax credit health insurance subsidies available through state-based exchanges.Each state also has the option to expand their Medicaid programs to cover all people making up to 138% of the federal poverty level (which is about $33,000 for a family of four). In states that decide not to expand Medicaid, some people making below this amount will still be eligible for Medicaid, some will be eligible for subsidized coverage through Marketplaces, and others will not be eligible for subsidies.

Health Insurance subsidies are available for these income levels (check with the US Govt to find out exact figures for this year)

  • Up to $45,960 for individuals
  • Up to $62,040 for a family of 2
  • Up to $78,120 for a family of 3
  • Up to $94,200 for a family of 4
  • Up to $110,280 for a family of 5
  • Up to $126,360 for a family of 6
  • Up to $142,440 for a family of 7
  • Up to $158,520 for a family of 8

How Much Subsidy Can You Get?
Use this online calculator to find out how much you may qualify for.

Subsidies and Plan Levels

The amount of healthcare premium assistance each individual receives is related to the coverage levels of Platinum, Silver, Gold, Bronze. The subsidy is based on the premium for the second lowest cost SILVER PLAN available. If a person decides to purchase a Gold or Platinum Plan, they will pay the difference between the credit amount and the cost of the more expensive plan.

Get a Job as a Health Exchange Navigator

The Obama administration has allocated to the Department of Health and Human Services over $54 million in grants for Affordable Care Act Navigators – people and organizations that will be trained to help explain the new health insurance options under the Affordable Care Act.  It is expected that tens of thousands of both volunteer and paid Navigators will be needed to explain the provisions to consumers.

How many jobs will be created for Navigators?  It is rumored that California’s exchange alone is hiring over 20,000 Navigators.  Estimates are that over one hundred thousand public sector jobs, paying between $18 and $40 per hour, will be created.  Of course this also means that there will need to be specialists, middle managers, and career employees who may make more than that amount.