When you get\nhealth insurance, you pay a monthly premium to maintain your coverage. A health\ninsurance subsidy lowers your premium, and in some cases, also reduces\nadditional costs, such as your copays. The subsidy comes from the state or\nfederal government, and you do not have to pay any of the money back. You must\nmeet certain requirements to qualify for a healthcare subsidy. Get the details\nto see if you can get a healthcare subsidy in 2019.<\/p>\n\n\n\n
The state and\nfederal government use a formula to determine if you qualify for health\ninsurance subsidies. The government analyzes your:<\/p>\n\n\n\n
The state and\nfederal governments have different requirements. Take a closer look at both to\nsee if you can get a health insurance subsidy. <\/p>\n\n\n\n
Obamacare\nsubsidies are granted by the federal government. The government offers two\nsubsidies. First, there is the Advanced Premium Tax Credit, which reduces the\ncost of your premium. Second, there is the Cost Sharing Reduction subsidy. This\nreduces your deductible, copays, and coinsurance. The amount you get depends on\nyour family size and income level. <\/p>\n\n\n\n
You can qualify\nfor the Advanced Premium Tax Credit if your income is up to 400 percent of the\nfederal poverty level. If you\u2019re applying as an individual, you can get a\nsubsidy if you make $49,960 or less. If you\u2019re a family of four, your income\nneeds to be $103,000 or less to get the credit. The lower your income, the\nhigher the subsidy will be. <\/p>\n\n\n\n
You can also\nqualify for a Cost Sharing Reduction subsidy if your income is up to 250\npercent of the federal poverty level. That is $31,225 for individuals and $64,375\nfor a family of four. If you qualify for a Cost Sharing Reduction, you also\nqualify for the Advanced Premium Tax Credit. <\/p>\n\n\n\n
California has\nexpanded its subsidy program to offer discounts to more residents. If you live\nin California, you can get a health insurance subsidy if you make up to 600\npercent of the federal poverty level. That means if a family of four makes\naround $150,000, it will qualify. That is almost $50,000 more than offered by\nthe federal government. <\/p>\n\n\n\n
It\u2019s critical to\nget health insurance if you live in California. If you fail to do so, you will\nhave to pay the individual mandate tax penalty. The penalty is 2.5 percent of\nyour annual income or $695 for each adult and $347.50 for each child in the\nhousehold. You will continue to pay this penalty until you get health\ninsurance. Don\u2019t make the mistake of going without insurance. <\/p>\n\n\n\n
You can get a\nhealthcare subsidy by applying for health insurance on California\u2019s state\nhealthcare exchange. You must get a Silver-tier plan to get a subsidy. If you\nqualify and get a Silver plan, the subsidy will be applied automatically.<\/p>\n\n\n\n
To qualify for a\nsubsidy, you must get health insurance during open enrollment. Open enrollment\nin California ends on Jan. 15, 2020. Make sure you get your plan by Jan. 15 so\nyou can benefit from the subsidy.<\/p>\n\n\n\n
California and Affordable Care Act subsidies can be confusing. You don\u2019t know how much you\u2019ll get, and you aren\u2019t even sure what plan you should purchase. Cost-U-Less makes the process easy. Call us at (800) 390-4071<\/strong> to find out if you qualify for a health insurance subsidy and get a free quote today. <\/p>\n","protected":false},"excerpt":{"rendered":" When you get health insurance, you pay a monthly premium to maintain your coverage. A health insurance subsidy lowers your premium, and in some cases, also reduces additional costs, such as your copays. The subsidy comes from the state or federal government, and you do not have to pay any of the money back. You […]<\/p>\n","protected":false},"author":1,"featured_media":4947,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/posts\/4946"}],"collection":[{"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/comments?post=4946"}],"version-history":[{"count":0,"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/posts\/4946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/media?parent=4946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/categories?post=4946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.costulessdirect.com\/blog\/wp-json\/wp\/v2\/tags?post=4946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}