Can You Save Money on Health Insurance by Taking a Lower-Paying Job?
Many Americans struggle to afford health insurance, especially those who work for employers that do not offer health benefits. The Affordable Care Act (ACA) provides subsidies to help low- and moderate-income individuals and families purchase health insurance through the Health Insurance Marketplace.
What are the Income Limits for ACA Subsidies?
To qualify for ACA subsidies, your income must be between 138% and 400% of the federal poverty level (FPL). For 2023, the FPL is $13,590 for a single person. This means that a single person with an income between $18,673 and $54,360 may qualify for subsidies.
How Much Can I Save on Health Insurance?
The amount of savings you can receive on health insurance through the ACA depends on your income and the cost of health insurance in your area. However, the savings can be significant. For example, a single person with an income of $25,000 could save an average of $5,000 per year on health insurance premiums.
Is It Worth It to Take a Lower-Paying Job for Health Insurance?
Whether or not it is worth it to take a lower-paying job for health insurance depends on a number of factors, including your overall financial situation, your health insurance needs, and your job prospects. However, for many people, the savings on health insurance can make it worth it to take a lower-paying job.
How to Apply for ACA Subsidies
If you think you may qualify for ACA subsidies, you can apply through the Health Insurance Marketplace. You can apply online at HealthCare.gov, by phone at 1-800-318-2596, or through a licensed insurance agent or broker.
Conclusion
The ACA provides subsidies to help low- and moderate-income individuals and families purchase health insurance. The savings on health insurance can be significant, so it is worth it to explore whether or not you qualify for subsidies.
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