Income Limits and ACA Health Insurance Plans: What You Need to Know

The Affordable Care Act (ACA) has provided millions of Americans with access to affordable health insurance. One key component of the ACA is the expansion of Medicaid, which provides coverage to low-income individuals and families. In North Carolina, Medicaid was expanded in December 2023, and the income limit for eligibility is $20,120 for 2024.

If your income is below the Medicaid income limit, you may be eligible for Medicaid coverage. Medicaid is a government-funded health insurance program that provides coverage for a wide range of medical services, including doctor visits, hospital stays, and prescription drugs.

If your income is above the Medicaid income limit, you may still be eligible for health insurance through the ACA Marketplace. The ACA Marketplace is a health insurance marketplace where you can shop for and compare health insurance plans from different insurance companies.

When you apply for health insurance through the ACA Marketplace, you will need to provide information about your income. If your income is above the Medicaid income limit, you will not be eligible for Medicaid, but you may be eligible for a premium subsidy. A premium subsidy is a government subsidy that helps you pay for your health insurance premium.

The amount of the premium subsidy that you receive will depend on your income and the number of people in your household. If your income is below a certain level, you may be eligible for a catastrophic health insurance plan. Catastrophic health insurance plans have lower premiums than other health insurance plans, but they also have higher deductibles.

If you are unsure whether you are eligible for Medicaid or a premium subsidy, you can contact a licensed health insurance agent. A licensed health insurance agent can help you determine what health insurance options are available to you and can help you enroll in a plan.

Here are some additional tips for finding affordable health insurance through the ACA Marketplace:

Shop for health insurance plans during the open enrollment period. The open enrollment period for 2024 runs from November 1, 2023, to January 15, 2024.
Compare health insurance plans from different insurance companies. There are many different health insurance plans available through the ACA Marketplace, so it is important to compare plans before you enroll.
Consider your budget when choosing a health insurance plan. Health insurance premiums can vary significantly, so it is important to choose a plan that fits your budget.
If you have any questions about health insurance, you can contact a licensed health insurance agent. A licensed health insurance agent can help you understand your health insurance options and can help you enroll in a plan.