Under the Affordable Care Act the federal government was granted the authority to offer health insurance premium subsidies (also referred to as advanceable tax credits) on a sliding scale to help individuals and families afford health insurance.
Insurance premium subsidies are only available for plans purchased on the Federal Health Insurance Marketplace, or one of the state-run health insurance exchanges established under the Affordable Care Act.
Federal Health Insurance Subsidies are available to individuals and families:
- Who enrolled or will enroll during the Annual Open Enrollment Period
- Who qualify to enroll in a health insurance plan during a Special Enrollment Period
Federal Insurance Premium Subsidies are based on Federal Poverty Guidelines (FPGs)
In order to qualify for Federal Health Insurance Subsidies, you must:
- Be a legal U.S. resident;
- Not be eligible for Medicare or Medicaid;
- Purchase a health insurance plan on a state-run exchange of the Federal Health Insurance Marketplace AND have an annual household income between 100% and 400% of the Federal Poverty Level, as established by the Federal Poverty Guidelines.
The Federal Poverty Guidelines, which determine insurance premium subsidies, are used to establish insurance subsidies in change each year. That means, if you made slightly too much to qualify for subsidy assistance before, you may now be eligible to qualify for subsidies in.
Follow this link to see the Current Federal Poverty Guidelines.