When the American Rescue Plan Act was signed into law in March of 2021, health insurance subsidy eligibility changed. While you used to be able to check a chart to see if your income fell within the limits to be subsidy eligible, now subsidies are based upon a formula. The amount of subsidy you receive will ensure that you will not pay more than 8.5% of your household income for
2021 Subsidy – Am I Eligible?
You may be eligible for a health insurance subsidy in 2021 if your total household income falls within certain limits. The income cutoffs are tied to the Federal Poverty Level and are adjusted each year. Income Limits for 2021 Health Insurance Subsidy The 2021 income figures are in the chart below. To use the chart: Locate the number of people in your household along the top row. This is the
2020 Health Insurance Subsidy – Am I Eligible?
You may be eligible for a health insurance subsidy in 2020 if your total household income falls within certain limits. The income cutoffs are tied to the Federal Poverty Level and are adjusted each year. Income Limits for 2020 Health Insurance Subsidy The 2020 income figures are in the chart below. To use the chart: Locate the number of people in your household along the top row. This is the
2019 Health Insurance Subsidy – Am I Eligible?
You may be eligible for a health insurance subsidy in 2019 if your total household income falls within certain limits. The income cutoffs are tied to the Federal Poverty Level and are adjusted each year. Income Limits for 2019 Health Insurance Subsidy The 2019 income figures are in the chart below. To use the chart: Locate the number of people in your household along the top row. This is the
2018 Health Insurance Subsidy – Am I Eligible?
You may be eligible for a health insurance subsidy in 2018 if your total household income falls within certain limits. The income cutoffs are tied to the Federal Poverty Level and are adjusted each year. The 2018 figures are in the chart below. To use the chart: Locate the number of people in your household along the top row. This is the number of people on your federal tax return.
Am I Eligible for a Health Insurance Subsidy in 2017?
You may be eligible for a subsidy to help you afford health insurance in 2017 if your total household income falls within certain limits. The income cutoffs are tied to the Federal Poverty Level and are adjusted each year. The 2017 figures are in the chart below. To use the chart: Locate the number of people in your household (# of people on your federal tax return) along the top
Health Insurance Subsidy and Your 2014 Tax Return (IRS Letter 5591)
Did you receive a subsidy to help you pay for health insurance in 2014? Have you filed your 2014 federal income tax return? If you collected a subsidy in 2014, but did not file a 2014 tax return — Form 1040 with Form 8962 — you cannot get a subsidy in 2016. The IRS communicated this in IRS Letter 5591 this summer, and you may also soon hear from your
Am I Eligible for a Health Insurance Subsidy in 2016?
Eligibility for a subsidy on your health insurance is determined based upon your household income level and the number of people in your household. The income levels are tied to the Federal Poverty Level and are adjusted each year. For 2016 coverage, here are the income limits: Subsidy Eligibility for 2016 Health Insurance Source: Federal Poverty Level Guidelines Virginia Medical Plans Can Help We can tell you if you will
Supreme Court Upholds Subsidies in King v. Burwell Ruling
In a 6-3 ruling in the landmark King v. Burwell case, the Supreme Court has voted to uphold subsidies for millions of Americans who purchased health insurance on the federal marketplace. Chief Justice Roberts’ key sentence in the majority opinion sums up the foundation of the Court’s reasoning: “Congress passed the Affordable Care Act to improve health insurance markets, not to destroy them.” This is very good news for Virginia
What Happens if My Actual Income Qualifies Me for Medicaid But I Bought Health Insurance on the Exchange?
If you purchased health insurance on the exchange and collected a subsidy (in the form of a tax credit) to help pay for coverage, or benefited from other cost-sharing reductions, you were able to do so because of the income you reported when you purchased your plan. But if you are like many Americans, the income you anticipated and reported to the exchange may differ from the income you actually
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