With the rollout of the Affordable Care Act, many people still have a lot of questions. April 15 brings the end of the first open enrollment period. This means that now people will either have coverage, or face tax penalties for going without. Some people have seen some drastic changes to their health insurance plans and premiums. One of the biggest questions has to do with qualifying for subsidies or free health insurance. To see whether or not you qualify, you need to know the number of people in your household, as well as your annual income. After that, a lot depends on where you live.
The number of people in your household and your annual income have a direct effect on whether or not you qualify for government subsidies or free health insurance through the Affordable Care Act. Usually, if your household makes less than $110,000 per year, you may qualify for an insurance plan with at least a lower premium. To qualify for a policy that is free, there are strict income restrictions. For those who have dealt with things like Medicaid in the past, you should expect plenty of paperwork and monitoring of your income to make sure that you fall within the guidelines for qualification. Even though it is labeled as “free,” the money still comes from the people’s taxes.
After you determine the number of people in your household and your annual income, a lot depends on the state in which you live and whether or not that state is expanding their Medicare coverage. Even though you may qualify for free insurance in one state, you may not qualify in another. Thus, it is important that you research the guidelines for coverage in your state.
Finding out whether or not you qualify for free health insurance or a subsidy can be stressful. A lot depends on where you live. If you have any questions on the subject, contact an insurance company to get some answers today.
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