Understanding Health Insurance Options for Individuals with Limited Income

ACA Income Eligibility and Affordable Health Insurance

The Affordable Care Act (ACA) offers valuable health insurance options for individuals and families who may not qualify for Medicaid but need affordable coverage. One key aspect of the ACA is the income eligibility requirements for subsidies that help reduce monthly premium costs.

ACA Income Limit (2023)
– 150% Federal Poverty Level (FPL): $21,260 for an individual

Calculating ACA Subsidies

To determine your eligibility for ACA premium subsidies, you need to calculate your income relative to the FPL. You can use the following link to estimate your FPL: https://www.healthcare.gov/lower-costs/qualifying-for-lower-costs/

Lower Annual Premiums
If your income falls below 400% of the FPL, you qualify for a premium tax credit that reduces your monthly health insurance premiums. The exact amount of the subsidy will vary depending on your income and the plan you choose.

Catastrophic Health Insurance Plans

For younger adults (under age 30), there is an option for a less expensive catastrophic health insurance plan. These plans cover essential health benefits, including preventive care and hospitalization, but have higher deductibles and may not cover all medical expenses. However, they provide peace of mind knowing you have some protection in case of a major medical event.

Flexible Spending Accounts (FSAs)
Another option to reduce out-of-pocket medical expenses is to open a Flexible Spending Account (FSA). These accounts allow you to set aside pre-tax dollars to pay for eligible medical expenses, such as co-pays, deductibles, and prescriptions.

Medicaid Expansion in Illinois

Illinois has expanded Medicaid eligibility under the ACA, which provides coverage to adults with incomes below 138% of the FPL. If your income is within this range, you may be eligible for Medicaid without meeting the traditional Medicaid criteria (e.g., disability, pregnancy).

Applying for ACA or Medicaid

To apply for ACA or Medicaid coverage, you can visit the Health Insurance Marketplace at Healthcare.gov or contact your local Medicaid agency. Licensed agents can assist you with the application process and answer any questions you may have.

Contact Us
If you have questions or need assistance with enrolling in health insurance, please reach out to our team of licensed agents at [agent contact information here].