Looking for a 2021 health insurance plan this open enrollment? You might qualify for a subsidy under the Affordable Care Act. If you do, all you have to do is choose a plan, go through the enrollment process, and your subsidy will apply. If you have any trouble, we recommend calling the carrier to determine the status of your subsidy.
What’s a subsidy?
A subsidy is financial assistance for buying insurance on a health exchange. In other words, your subsidy helps pay for some of your monthly health insurance costs. Here are three things that determine if you are eligible:
• How much health insurance costs where you live
• What your income will be in 2021
• Your household size
There are a number of websites that can help you figure out if you qualify for a subsidy. Generally, you can make up to 400% of the federal poverty level in order to qualify for the advance premium tax credit. For an individual, this is around $50,000. For a family of four, that’s around $103,000. If you make less than this, you will probably be eligible for a subsidy.
I qualify for a subsidy. What now?
You can apply your subsidy in