Do You Qualify for ACA Subsidies?

If you’ve lost your job or experienced a change in income, you may be wondering if you qualify for subsidies to help you afford health insurance under the Affordable Care Act (ACA). In this blog, we’ll explain what counts as income for the purposes of ACA subsidies, and we’ll provide some tips on how to apply for subsidies.

What Counts as Income for ACA Subsidies?

When you apply for ACA subsidies, you’ll need to provide information about your income. This includes all of your taxable income, as well as some types of non-taxable income. Here are some examples of what counts as income for ACA subsidies:

Wages, salaries, and tips
Self-employment income
Investment income
Social Security benefits
Disability benefits (except SSDI)
Alimony
Child support

It’s important to note that not all types of income count towards ACA subsidies. For example, Supplemental Security Income (SSI) and Veterans Benefits are not counted as income for ACA subsidies.

Do I Qualify for ACA Subsidies?

To qualify for ACA subsidies, you must meet certain income requirements. For 2024, you must have an income between 100% and 400% of the federal poverty level (FPL). The FPL is a measure of poverty that is used to determine eligibility for many government programs. For a family of four, the FPL is $29,700 in 2024.

If your income is between 100% and 400% of the FPL, you may be eligible for a subsidy to help you afford health insurance. The amount of your subsidy will depend on your income and the size of your family.

How to Apply for ACA Subsidies

If you think you may qualify for ACA subsidies, you can apply through the Health Insurance Marketplace. The Marketplace is a website where you can compare health insurance plans and apply for subsidies. You can apply for subsidies online, by phone, or by mail.

To apply for ACA subsidies, you will need to provide information about your income, your family size, and your current health insurance coverage. You will also need to provide proof of your income, such as a pay stub or a tax return.

If you are approved for ACA subsidies, you will receive a tax credit that will help you pay for your health insurance premiums. The tax credit will be applied to your monthly premium payments, and it will reduce the amount of money that you have to pay out-of-pocket.

Conclusion

ACA subsidies can help you afford health insurance if you meet certain income requirements. If you think you may qualify for subsidies, you can apply through the Health Insurance Marketplace. Applying for subsidies is easy, and it can save you money on your health insurance premiums.