The 2010 passage of the Affordable Care Act extended a variety of health care benefits to different socioeconomic groups. Specifically, Obamacare sought to deliver reliable insurance coverage to lower-income, often uninsured groups. Subsidies, which are a part of the ACA, help to offset the costs of health insurance for individuals and families who meet specific income standards. Unfortunately, many people are unaware of the intricacies of Obamacare, including the access to subsidies, which results in billions of dollars of health subsidy money left untouched.
Health Subsidy Requirements
The annually established federal poverty level, or FPL, is the standard by which subsidies are assessed and distributed — for health insurance and beyond. The federal poverty level is set for a variety of family sizes, from individuals and married couples to families with one or many children. What percentage of income an individual, couple, or family brings in as it relates to the FPL determines what, if any subsidies, that they are eligible for. For example, the Affordable Care Act gives states the opportunity to offer Medicaid coverage to anyone who qualifies under 138% of the FPL.
Those with incomes of up to 400% of the FPL may also have access to insurance coverage with lower deductibles and copayments, which can result in significant savings every month. In between those extremes, other subsidies exist as well.
One of the primary tenets of the Affordable Care Act was to give the uninsured access to affordable health care. Thus, the purpose of these subsidies is to help extend health coverage to those people who need it but cannot afford it. Individuals and families living at low and moderate income levels might struggle to piece together the money to secure health insurance.
These subsidies make both health coverage and health care services more affordable, with a goal of increasing the number of insured individuals in the U.S. If you haven’t looked into your eligibility for subsidies, now is the time.
Recouping Your Subsidies
Determining whether you are eligible for subsidies begins with comparing your household income to the federal poverty level. Don’t be put off by this simple formula. Instead, fill out this form, where you can determine your subsidy eligibility in as little as two minutes. Just imagine, you might tap into unclaimed money that you deserve in accordance with the Affordable Care Act.
We understand that researching these subsidies and assessing your eligibility might be confusing, especially for novices with health insurance. We are well versed in the many intricacies of the Affordable Care Act’s subsidies, and we can quickly assess whether your income level qualifies you for these reduced rates.
The federal government is sitting on billions of dollars in subsidies that have gone unused. Don’t let these potential savings go to waste another day. If you think that your family might be eligible for a subsidy, let us help you minimize your health care expenses today. You’re just a few clicks away from increased savings and improved access to health care.