Does Spousal Income Affect ACA Health Insurance?
If you or someone you know is considering applying for health insurance through the Affordable Care Act (ACA), it’s important to understand how income affects eligibility and premium costs. One common question is whether a spouse’s income is counted when determining eligibility for ACA health insurance.
Understanding ACA Income Thresholds
The ACA uses household income to determine eligibility for premium tax credits and cost-sharing reductions. Household income includes all taxable income earned by all members of the household, including spouses. This means that a spouse’s income is counted when determining eligibility for ACA health insurance.
Income Limits for ACA Eligibility
The ACA establishes income limits for eligibility for premium tax credits and cost-sharing reductions. For 2023, the income limits for a household of two are:
– 150% of the federal poverty level (FPL) for premium tax credits
– 250% of the FPL for cost-sharing reductions
Calculating Your Income
To determine your household income, add up all taxable income earned by all members of the household. This includes wages, salaries, tips, self-employment income, and investment income.
How a Spouse’s Income Affects ACA Eligibility
If your spouse’s income is high enough, it may affect your eligibility for ACA health insurance. If your household income exceeds the income limits for premium tax credits, you may not be eligible for financial assistance to help pay for your health insurance.
Getting Help with ACA Health Insurance
If you have questions about how a spouse’s income affects ACA health insurance, it’s important to seek professional help. Licensed insurance agents can help you understand your eligibility for ACA health insurance and find a plan that meets your needs and budget.
Remember, the ACA is designed to make health insurance more affordable and accessible to all Americans. By understanding how income affects eligibility, you can make informed decisions about your health insurance coverage.
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