As more people become enrolled in Obamacare, you may still be wary about buying a plan for yourself and your family. You may think that you do not make enough money and that buying a plan will put your family’s budget in jeopardy of collapsing altogether. However, Obamacare is designed to make it easier for you and your loved ones to afford coverage without having to sacrifice money you need each month. Before you buy a plan, you can check out the income guidelines and discover how you can save money and still buy affordable health insurance.
The income guidelines follow the Federal Poverty Levels, or FPL, to help working families afford healthcare coverage. If your combined family income falls below the 400% mark per the size of your household, you could be eligible to receive Medicare, Medicaid, or another form of government-backed insurance. If your income is above that limit, but still below the indicated amount to qualify for subsidies, you may receive additional money from the program each month to help you meet the expense of your premiums.
The Federal Poverty Guidelines take into consideration the size of your family. Your household may include you, your spouse, your children, and other qualifying dependents. For example, if your household has four people, you can make $94,200 and still qualify for an Obamacare plan. This income limit, as well as the others listed in the FPL table available on the website, lets working families get healthcare access they need without putting their budgets at risk. It should be noted that the income guidelines are slightly different for residents of Hawaii and Alaska.
Once you qualify for Obamacare, you will need to re-qualify on an annual basis. If your income changes, so could the status of your Obamacare healthcare plan. Likewise, if your income changes at any time during the year of your coverage, you may be required to report those changes to your healthcare insurer.
When it comes to declaring your income, you must report money that you receive from your job, as well as self-employment, rental income, interest, investments, Social Security, and alimony. You also report the income that any of your dependents make from babysitting, summertime jobs, or other work, even if they file separate returns than you and your spouse.
Affording Obamacare is easy for working families. You can get coverage without risking your family’s budget.