What You Need to Know About Health Care Reform
Financial Help to Buy Insurance continued...
In general, you'll be eligible if you're single and make about $46,000 or less a year, or if you have a family of four and make about $95,000 or less a year.
You can find out if you qualify for a tax credit when you apply to buy health insurance through your state's Marketplace.
If you still cannot afford insurance, there is a way to avoid paying a fine. The law says you must have health insurance. If you do not, you have to pay a tax penalty. But if you cannot find insurance that costs less than 8% of your income, or if you have other situations that make it hard for you to get insurance, you can apply for an exemption. If you qualify, you will not have to pay the tax.
Expansion of Medicaid
You might be able to use Medicaid for the first time. In some states, Medicaid is changing because of health reform. More people will qualify for it.
Under the new rules, you may be able to get Medicaid in 2015 if your yearly taxable income is no more than about $16,104 for one person and $32,913 for a family of four. You may hear this amount called 138% of the federal poverty level.