February 19, 2014
While enrollment in the Affordable Care Act continues to gradually increase, there are still many aspects which have people unsure on how to proceed. Among the most universal, is whether or not an individual or family will qualify for a health insurance subsidy, of if they will be eligible for Medicaid under the new law.
If you're thinking of applying for government assisted healthcare, it can be extremely helpful to have a good understanding of how the various income qualifications have been structured. Let's review the basic income requirements and limitations when considering whether or not you're able to receive a subsidy or Medicaid under Obamacare.
Medicaid Assistance
Medicaid is a government-run healthcare system which provides health insurance to those who are unemployed, as well as those living below the established poverty lines. Here are the income guidelines used to establish eligibility for both singles and families:
For Single Individuals
For singles who are not married at the time of their application, the determination of Medicaid or a health subsidy is based exclusively on income. If you're not currently employed or earning any form of income at present, you automatically qualify for Medicaid assistance. The maximum income for those who are currently working, however, is $15,856.
For Families
Medicaid eligibility for families is determined on a combination of household income and the total number of immediate family members. The figures below represent the number of members in a household, and the maximum income allowed for each:
Families of 2: $21,404
Families of 3: $26,951
Families of 4: $32,499
Families of 5: $38,047
Health Insurance Subsidy Qualifications
Under the Affordable Care Act, healthcare subsidies have been put in place to make mandatory health insurance plans more affordable for those who do not earn higher incomes. Like Medicaid, they are determined based on a combination of income and household size, with age factoring in as well, which is done as a measure of preventing anyone from spending more than 9.5% of their income on coverage.
Here are the income maximums for those considering applying for a government health insurance subsidy:
Individuals: $45,960
Families of 2: $62,040
Families of 3: $78,120
Families of 4: $94,200
Families of 5: $110,280
These amounts tier upwards, increasing incrementally based on the number of children. For those with exceptionally large families, or just in case you're curious, the maximum income for a family of 12 is listed at $222,840.
If you're still undecided on which way to go, and would like to get honest, unbiased answers from a licensed Illinois agent, free of charge, we invite you to contact Premier directly at 800-369-0287. You can also e-mail us or visit our website at pfiChicago.com.