Financial Aid: Tax Credits and Subsidies
What Should I Do If My Job or My Income Changes?
If you get a new job that makes you ineligible for the credit, tell your state's Marketplace. Every Marketplace will have an 800 number, so call and talk with a representative. If you don't, you may have to pay back advance payments the IRS made from the time you became ineligible.
If your income goes down, call a representative at your state's Marketplace because you may be able to get a larger tax credit or qualify for Medicaid.
If My Income Qualifies Me for Medicaid but My State's Not Expanding It, Can I Get a Tax Credit or Cost-Sharing Subsidy?
It depends on your income level. In general, you may be able to get financial aid if your income for 2014 is:
- $11,670 to $16,105 for one adult
- $23,850 to $32,913 for a family of four
The amounts for people who live in Alaska and Hawaii will very.
Unfortunately, people with even lower incomes may find themselves without financial help for health insurance.
What Is a Cost-Sharing Subsidy?
A cost-sharing subsidy lowers your out-of-pocket costs -- the amount you spend whenever you get health care. You can only get this type of subsidy if you purchase a silver-level plan.
Who Qualifies for a Cost-Sharing Subsidy?
You may be eligible for a cost-sharing subsidy if the amount of money you and your spouse expect to make during the year is near the following income ranges:
- $29,175 for one adult
- $39,325 for a family of 2
- $49,475 for a family of 3
- $59,625 for a family of 4
Note that these are the government’s income guidelines for 2014, so they may be higher next year. If you live in Alaska or Hawaii, the amount you can make and still qualify will be different.
How Do I Get the Money From a Cost-Sharing Subsidy?
You won't get the money from your cost-sharing subsidy directly. Instead, the government gives the money to your health insurance company. That lets you pay less when you see a doctor or get a prescription.