Can I Afford Health Insurance?

There are two common reasons people may struggle to afford health insurance: either they don’t qualify for government assistance, or the plans that they do qualify for are too expensive.

Government Assistance

There are a few different government programs that can help people afford health insurance. The most well-known is Medicaid, which is a joint federal and state program that provides health coverage to low-income Americans.

To qualify for Medicaid, you must meet certain income and residency requirements. The income limits vary from state to state, but in general, you must have an income below a certain percentage of the federal poverty level (FPL). For example, in 2023, the FPL is $13,590 for a single person. This means that if you make less than $13,590 per year, you may be eligible for Medicaid.

Marketplace Plans

If you don’t qualify for Medicaid, you may be able to get health insurance through the Health Insurance Marketplace. The Marketplace is a website where you can compare and purchase health insurance plans from private insurers.

To qualify for a Marketplace plan, you must meet certain income requirements. The income limits for Marketplace plans are higher than the income limits for Medicaid, but they still vary from state to state. In general, you must have an income between 100% and 400% of the FPL to qualify for a Marketplace plan. For example, in 2023, the income limit for a single person is between $13,590 and $54,360.

If you qualify for a Marketplace plan, you may be eligible for a premium tax credit. A premium tax credit is a subsidy that helps you pay for your health insurance premiums. The amount of the premium tax credit that you receive depends on your income and the plan that you choose.

Conclusion

If you’re struggling to afford health insurance, there are a few things you can do. First, check to see if you qualify for Medicaid or a Marketplace plan. If you do, you may be eligible for financial assistance that can help you pay for your health insurance premiums. Second, talk to a health insurance agent. A health insurance agent can help you find the right plan for your needs and budget. Finally, don’t give up. There are many resources available to help you get affordable health insurance.