Subsidies toward health insurance premiums under the Affordable Care Act depend on the number of people in a household and its adjusted gross income, according to Healthcare.gov. Obamacarefacts.com states that reduced premiums are available to households with incomes up to 400 percent of the poverty level.Continue Reading
The Affordable Care Act established cost assistance on health insurance plans purchased on the Healthcare.gov and state run exchanges. According to Obamacarefacts.com, there are several types of assistance available to households dependent on their incomes. Households with incomes from 100 percent to 400 percent of the Federal Poverty Level can access Advanced Premium Tax Credits, or APTC. Cost Sharing Reduction subsidies are available to households with incomes from poverty level to 250 percent of poverty level. In some states, the Affordable Care Act also expanded access to Medicaid to households at as much of 138 percent of poverty level, which is generally only available to households below the poverty level.
Healthcare.gov explains eligible households have the option of applying APTCs to monthly premiums or having them refunded at the point of filing income tax returns. Cost Sharing Reductions subsidies are only available on Silver plans, says Healthcare.gov, but are available in addition to APTCs for households with incomes between 100 to 250 percent of poverty level.Learn more about Health Insurance