You may be eligible for financial assistance from the government called a subsidy or premium tax credit, to help pay for your health insurance. A subsidy or premium tax credit can be applied to your monthly premium every month when you purchase a plan through the Washington Healthplanfinder, or you can also choose to take credit at the end of the year when you file that year’s taxes.
Who is eligible for a subsidy or premium tax credit?
If you purchase a plan through the Washington Healthplanfinder, are under the age of 65 and not eligible for Medicare, are not offered affordable coverage through an employer AND fall within the income limits (based on family size), you could be eligible for a subsidy.
Income Limit for Health Insurance Subsidy
The income levels are based on the Federal Poverty Limit (FPL) and are based on household income. Anyone below 138% FPL is automatically eligible for Washington Apple Health which is Medicaid. This is a state run program for low-income individuals that provides free healthcare.
If your income level is between 138% FPL and 400% FPL then you are eligible for a subsidy. It is a sliding scale based on income and age.
Below are the income levels showing 400% of the Federal Poverty Limit. People who are below these income amounts are eligible for a subsidy through the Exchange.
Number of People in Household Income:
- 1 under $46,000
- 2 under $62,000
- 3 under $78,200
- 4 under $94,300
Have questions about premium tax credits or health insurance subsidies? We are happy to help. Contact our Health insurance agents today!